Use BTC as currency

[ruykeri]

I'm basing my question on your question that at the time you mentioned, no one knew that the price of Bitcoin would be so high in the future.Bitcoin had just been released at that time.And at that time the price of Bitcoin was much lower.If I think about myself, if I get a pizza through a transaction with some digit from  my account to another, I will definitely accept it.If there was such an opportunity around 2010 and I could buy something with Bitcoin, I would definitely do it.

But speaking of the present time, if I have the opportunity, I will definitely buy some Bitcoin and stock it up for future profit.Because Bitcoin, known as digital gold, will become very valuable in the near future.

[john_egbert]

^ The question is, would you do it even today?

[Taskford]

Some of you can't imagine how one's can spend his BTC instead of accumulate.

But some people have enough BTC to spend them on all sorts of items, like those offered by Ross Ulbricht at his auction (https://scarce.city/collections/b25-ross-ulbricht-collection).

So, let's do a quick recap for the great BTC story. We'll see if these items will be resold in the future (and at what price):

- The first prisoner card: 1.01 BTC (US$105,901.87)

- The second prisoner card: 0.99 BTC (US$103,872.93)

- The third prisoner card: 5.5 BTC (US$576,705.58)

- The little notebook: 1.06 BTC (US$111,144.54)

- The old shoes: 0.54 BTC (US$56,657.96)

- Beautiful sweatshirt and t-shirt set: 0.51 BTC (US$53,501.75)

- The most expensive sleeping bag in the world (probably): 0.04 BTC (US$4,193.33)

- The backpack and its magnificent red fingershoes: 0.08 BTC (US$8,381.78)

- Djembe: 0.06 BTC (US$6,281.51)

and the "works of art" from 0.69 to 1.01 BTC.

For some normal people they would think that this is crazy purchase made by people.

But for those sentimental dudes(collector) which they want to own piece of history this is an art and for sure that they won't regret buying this things especially for using those BTC since they know that it somehow goes on good cause.

With these actions made we see a huge support of Bitcoin or crypto community to Ross.

[melinoe]

For some normal people they would think that this is crazy purchase made by people.

But for those sentimental dudes(collector) which they want to own piece of history this is an art and for sure that they won't regret buying this things especially for using those BTC since they know that it somehow goes on good cause.

With these actions made we see a huge support of Bitcoin or crypto community to Ross.

Yeah, collectors are a different kind of breed.

In any space, as far as I know.

[Questat]

Do I regret every purchase I made by spending bitcoins? I think yes. But here's something to think about, did i use this money in dollars or in bitcoins?
Yes, if we had never spent bitcoins, we would have millions of dollars. But with the bitcoins we used, we bought things, we invested. so we shouldn't regret the things we bought. If we have such regret, we shouldn't have spent anything at all. It's almost impossible to achieve

If we don't want to regret it, we have to ensure that our wallet is full of bitcoin in the future

Personally, I wouldn’t resort into regretting no matter how huge my bitcoin expenses are, that’s because the things I bought also made me benefit in return. But if you just spend your bitcoin on unnecessary items, surely  you have been regretting so bad knowing your bitcoins have only gone into waste.

However, for those who cannot stop theirselves going into regrets, most likely they also have their personal reasons. And we don’t have control over that.

[betswift]

Personally, I wouldn’t resort into regretting no matter how huge my bitcoin expenses are, that’s because the things I bought also made me benefit in return. But if you just spend your bitcoin on unnecessary items, surely  you have been regretting so bad knowing your bitcoins have only gone into waste.

However, for those who cannot stop theirselves going into regrets, most likely they also have their personal reasons. And we don’t have control over that.

Using BTC is one of its purposes - and there should be no regrets regarding it.

Only joy that you did what you did and was happy about it.

[nutildah]

Buying digital collectibles is another way I've used BTC as a currency. I'm specifically talking about Bitcoin NFTs like Rare Pepes and Spells of Genesis (those are two of the biggest & most famous collection on Bitcoin that I'm interested in -- I don't really care about Ordinals). I've actually bought a lot of early tokens on Counterparty with BTC, and it was all automated through the protocol. I've sold quite a few as well. Makes perfect sense (in my mind) to collect these kinds of things, if you think that Bitcoin will permeate mainstream society to a greater degree in the future. Only time will tell.

[moneystery]

never buy anything with bitcoin, the reason is because in my country it is not allowed, so when you make a transaction using bitcoin, you can be fined for it. and i also consider bitcoin as an investment only, where i can expect profit by holding it in the long term. while to buy something maybe using fiat is still more practical than using bitcoin. so for these reasons i never use bitcoin for any transaction ... especially when you think about the value of bitcoin which continues to increase, i think it's quite a loss to use it on transactions where you can use fiat or other payments on it.

[Abiky]

never buy anything with bitcoin, the reason is because in my country it is not allowed, so when you make a transaction using bitcoin, you can be fined for it. and i also consider bitcoin as an investment only, where i can expect profit by holding it in the long term. while to buy something maybe using fiat is still more practical than using bitcoin. so for these reasons i never use bitcoin for any transaction ... especially when you think about the value of bitcoin which continues to increase, i think it's quite a loss to use it on transactions where you can use fiat or other payments on it.

Well, you can always "anonymize" your BTC to minimize the risk of getting caught by the government. Either you use a technique called "CoinJoin" or simply convert your BTC to XMR. What defeats BTC's ability to be used as a currency is the high network fees. That, and also volatility if you're planning on converting your BTC to Fiat. Luckily for us, developers are working on ways to help scale BTC for the masses.

As for volatility, I think it will be reduced in the future as the crypto market becomes more liquid. More capital inflows = more stable prices in the long run. Just like how it's the case with Gold these days. The "yellow metal" is volatile but usually stable. We can never tell what will happen in the future, so I'd hope for the best.

[HelliumZ]

Following the messages related to a topic about BTC purchases, I noticed that many users were hodlers and had never bought anything in BTC, but perhaps early adopters regret their past purchases? In the case of Laszlo Hanyecz (purchase of two pizzas for 10,000 btc in 2010), he said he had no regrets because it helped raise awareness of Bitcoin and promote its use as a currency.

What about you? Do you regret past purchases?

Laszlo Hanyecz's purchase of pizza with his Bitcoin marked the beginning of a new era in history, with the first Bitcoin being used as a currency, which is currently being stored as a strategic reserve in various countries around the world, much like countries around the world store gold as a reserve. If Laszlo Hanyecz had not taken such a bold step that day, we would not have understood the value of Bitcoin today and that Bitcoin has a convertible value. However, in the future, Bitcoin will become one of the most valuable virtual assets in the world, where people all over the world will compete to accumulate Bitcoin, but due to the limited supply, people in the world will not be able to buy it even if they can afford it.

[BitGoba]

Following the messages related to a topic about BTC purchases, I noticed that many users were hodlers and had never bought anything in BTC, but perhaps early adopters regret their past purchases? In the case of Laszlo Hanyecz (purchase of two pizzas for 10,000 btc in 2010), he said he had no regrets because it helped raise awareness of Bitcoin and promote its use as a currency.

What about you? Do you regret past purchases?

People don’t understand what opportunity cost really means. Every time you spend fiat currency, you’re actually spending Bitcoin  because you could have converted that fiat into BTC instead.

For example: if you spend $100 on something today, you’re not just spending $100  you’re giving up the opportunity to buy Bitcoin with that $100.

That $100 could have been converted into Bitcoin  So in reality, you’ve actually spent Bitcoin without even realizing it

One more important thing that most people don’t understand,money and currency are not the same thing.

Money is a good that can successfully perform the three essential functions of money: a store of value, a medium of exchange, and a unit of account. People choose what they use as money based on its properties  they adopt the best tool for the job.

Currency, on the other hand, is something people are forced to use by law (legal tender), even if it fails to perform those three functions well. Fiat currencies are not chosen freely they are imposed.Throughout history, real money emerged from free markets gold, silver, and now Bitcoin because of their superior monetary properties. Currencies like the dollar or euro are state issued instruments that lose value over time and are kept in use only through legal force.

[uchegod-21]

Following the messages related to a topic about BTC purchases, I noticed that many users were hodlers and had never bought anything in BTC, but perhaps early adopters regret their past purchases? In the case of Laszlo Hanyecz (purchase of two pizzas for 10,000 btc in 2010), he said he had no regrets because it helped raise awareness of Bitcoin and promote its use as a currency.

What about you? Do you regret past purchases?

When I was new in this industry and learnt about Laszlo's pizza purchase, I thought the man would be full of regrets and bittered throughout his lifetime. But when I was privileged to listen his interview, I was amazed when he mentioned that he had no iota of regrets.
I so much understood him. The fact remains that, if he didn't spend such amount on pizza, he must surely spend it in other things or lose it to scammers or the most shitty case of forgetting the private keys.
But as we speak, Laszlo has immortalized himself in this industry. What other richness is better than that.

But concerning your advice that we should be spending our bitcoin, I am afraid, not many will welcome it.

[Becassine]

When I was new in this industry and learnt about Laszlo's pizza purchase, I thought the man would be full of regrets and bittered throughout his lifetime. But when I was privileged to listen his interview, I was amazed when he mentioned that he had no iota of regrets.
I so much understood him. The fact remains that, if he didn't spend such amount on pizza, he must surely spend it in other things or lose it to scammers or the most shitty case of forgetting the private keys.
But as we speak, Laszlo has immortalized himself in this industry. What other richness is better than that.

But concerning your advice that we should be spending our bitcoin, I am afraid, not many will welcome it.

Everything is always relative. For someone who is wealthy, eating at a restaurant for $500 is nothing. For a BTC miner who started early, a few tens of thousands of BTC was also nothing, or not much. But above all, it was a symbolic act.

[Onyeeze]

Following the messages related to a topic about BTC purchases, I noticed that many users were hodlers and had never bought anything in BTC, but perhaps early adopters regret their past purchases? In the case of Laszlo Hanyecz (purchase of two pizzas for 10,000 btc in 2010), he said he had no regrets because it helped raise awareness of Bitcoin and promote its use as a currency.

What about you? Do you regret past purchases?

since I know what is bitcoin I have no regret concerning my first purchase on bitcoin,  but I have regretted once when I bought altcoins and everything failed me, because they way they hyped the coin it wasn't what I saw when I purchase the coin, so what I really want to say is that everyone who want make a bitcoin to be well known through their act should do so, because this man that purchase pizza with 10,000 worth of bitcoin, did it in order to create awareness on bitcoin  and I believe that the legacy is still evoke

[Antotena]

never buy anything with bitcoin, the reason is because in my country it is not allowed, so when you make a transaction using bitcoin, you can be fined for it. and i also consider bitcoin as an investment only, where i can expect profit by holding it in the long term. while to buy something maybe using fiat is still more practical than using bitcoin. so for these reasons i never use bitcoin for any transaction ... especially when you think about the value of bitcoin which continues to increase, i think it's quite a loss to use it on transactions where you can use fiat or other payments on it.

Your country is having insecurity issues, they are just trying to copy what west is practicing because I don't really understand why anyone would hate Bitcoin, some countries hate Bitcoin because they see that US and some other countries are not doing it and for that reason, they are not going to allow it too and I repeat that's very bad. This are one of the ways countries can make money from taxes, they choose to hold it if they don't have plan to sell it immediately.

Another strange thing you said is not even allow to hold it as an investment and that's makes me want to know where exactly you came from, Russia? North Korea? China? These are the countries I can only think of right now that doesn't allow Bitcoin in their country, everything they do is supervise and watch by their government. If they catch you breaking their laws, you will regret staying their in the first place. How do you personally now spend Bitcoin comfortable without any remorse of fear of the government.

[2Pizza410000BTC]

Following the messages related to a topic about BTC purchases, I noticed that many users were hodlers and had never bought anything in BTC, but perhaps early adopters regret their past purchases? In the case of Laszlo Hanyecz (purchase of two pizzas for 10,000 btc in 2010), he said he had no regrets because it helped raise awareness of Bitcoin and promote its use as a currency.

What about you? Do you regret past purchases?

A lot can be said verbally but in reality it is a little different. Here, the case of Laszlo Hanyz may be different because when he gave 10,000 Bitcoins, he not only had 10,000 Bitcoins, he had more Bitcoins and bought two pizzas with 10,000, but he did it, and Bitcoin made it a memorable day for him. But there are many people who bought something with Bitcoin, they may not remember them, but now they have a lot of regrets in their hearts when they see the position of Bitcoin. I myself also regret when I invested in other tokens, including Ethereum, instead of investing in Bitcoin, because if I had invested in Bitcoin instead of buying unique tokens, including Ethereum, I would have gained a lot more. However, such regrets are more or less common in everyone.

[LogitechMouse]

Following the messages related to a topic about BTC purchases, I noticed that many users were hodlers and had never bought anything in BTC, but perhaps early adopters regret their past purchases? In the case of Laszlo Hanyecz (purchase of two pizzas for 10,000 btc in 2010), he said he had no regrets because it helped raise awareness of Bitcoin and promote its use as a currency.

Most of Bitcoin holders have this kind of mindset.

"Why will I use Bitcoin to purchase something online when I have Paypal account to pay it? Why will I use Bitcoin to purchase something offline if I have fiat cash in my hand? Why will I use something that's growing in value in purchasing things? I would rather hold it hoping to make money in the long run"

We can't blame those kind of people because I would do the same as well. It's the opposite for me though... or at least I'm spending a portion of the satoshis that I'm getting to buy something that I need or I want. As for Laszlo using 10,000 BTC to purchase 2 pizzas in 2010, he might've said that he has no regrets, but at some point in time, he felt regret for sure, and he will feel even more as the price of Bitcoin increases.

What about you? Do you regret past purchases?

I would be a hypocrite if I say no. Like what I said, I've been using some Satoshis to buy something I need or want, and I feel regret, but at the end of the day, it's my choice to use it because... I just want to use it.