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Author Topic: How can bitcoin be used for regular transactions..  (Read 1365 times)
Gmartine
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July 08, 2017, 02:50:05 AM
 #1

The biggest fear that many will have is how do we use this currency in regular transactions, like for some fruit, veggies, plumbing or a beer.

So far this seems like an easy issue to resolve. The technology is there, the apps are coming along and there are a few sites that offer auction style sales. The wallets are there and all that is needed are localized people to help local businesses.

The last step is the education. Anyone have good ideas on the best path of education on applicable purchases using bitcoin?
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July 08, 2017, 02:53:45 AM
 #2

Have you read about the Lightning Network? It provides a pretty good answer. http://lightning.network/

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July 08, 2017, 02:57:36 AM
 #3

The biggest fear that many will have is how do we use this currency in regular transactions, like for some fruit, veggies, plumbing or a beer.

So far this seems like an easy issue to resolve. The technology is there, the apps are coming along and there are a few sites that offer auction style sales. The wallets are there and all that is needed are localized people to help local businesses.

The last step is the education. Anyone have good ideas on the best path of education on applicable purchases using bitcoin?

The biggest problem is what merchants want to accept a currency they can't reasonably predict the value of in a few days? In a few days, Bitcoin can - and regularly does - lose 20% of its value. That makes conducting business denominated in bitcoins impossible. Even the merchants currently accepting Bitcoin use a third party to immediately process the transaction to fiat. That's the only way they can be sure to retain the profit of the goods they sold.
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July 08, 2017, 03:18:11 AM
 #4

I have a free market response but am still watching the video posted above before commenting more..

1B1xLdw83HqQfCi6zuZKmzChnAMPgfoAUt

Never had a transaction but after watching that video for a while I will have to almost agree with you except there is always an unknown factor..

Almost half an hour into the video and have not watched any actual transaction. And I mean human to human without powerpoint.
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July 08, 2017, 03:27:49 AM
 #5

The biggest fear that many will have is how do we use this currency in regular transactions, like for some fruit, veggies, plumbing or a beer.

So far this seems like an easy issue to resolve. The technology is there, the apps are coming along and there are a few sites that offer auction style sales. The wallets are there and all that is needed are localized people to help local businesses.

The last step is the education. Anyone have good ideas on the best path of education on applicable purchases using bitcoin?

The biggest problem is what merchants want to accept a currency they can't reasonably predict the value of in a few days? In a few days, Bitcoin can - and regularly does - lose 20% of its value. That makes conducting business denominated in bitcoins impossible. Even the merchants currently accepting Bitcoin use a third party to immediately process the transaction to fiat. That's the only way they can be sure to retain the profit of the goods they sold.

20% is a big number, i can't really remember bitcoin price falling that much in one day. you must be thinking in $ terms and saying it in % terms. for example $100 drop has happened but it was about 3% drop for example.

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July 08, 2017, 03:55:38 AM
 #6

I really hope btc will be used extensively in many services but with a fee of nearly $ 3 per transaction it is really difficult to deal with dozens of transactions everyday of us. And more importantly, it is the government's acceptance of the btc deal and the fact that btc users know btc as a trading method or not.

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July 08, 2017, 04:27:08 AM
 #7

I think bitcoin is almost good enough for regular transactions. We only need to resolve the scaling issues as soon as possible. No one would want to wait an hour and pay like $3 for a $4 coffee. Also, I don't see most stores/services wanting to accept bitcoin if the price hasn't stabilized. It's just too volatile as of now and it would be a gamble for them to accept bitcoin since the price can rise and crash as much as 20% within hours.

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July 08, 2017, 04:30:42 AM
 #8

The biggest fear that many will have is how do we use this currency in regular transactions, like for some fruit, veggies, plumbing or a beer.

So far this seems like an easy issue to resolve. The technology is there, the apps are coming along and there are a few sites that offer auction style sales. The wallets are there and all that is needed are localized people to help local businesses.

The last step is the education. Anyone have good ideas on the best path of education on applicable purchases using bitcoin?

It's not a fear, it's a goal that we're all about. And to achieve that, we need to improve speed and reduce transaction fees. So, what do we need to do with bitcoin? We need to change it, we need it to have bigger block number.



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July 08, 2017, 05:10:40 AM
 #9

The biggest fear that many will have is how do we use this currency in regular transactions, like for some fruit, veggies, plumbing or a beer.

The last step is the education. Anyone have good ideas on the best path of education on applicable purchases using bitcoin?

We start buy asking the places we go to regularly to buy fruit, veggies, plumbing, beer, gas, anything..."Do you accept Bitcoin?" Keep doing that, every where. The more that retailers hear of it the more they get curious, the more it becomes less foreign, the more likely they'll be willing to consider accepting bitcoin.

Next where retailers are already accepting bitcoin you need to pay with bitcoin. Use the system. Show the retailers that their faith in the system will be matched with your faith in the system.

And that's it. That's all it takes. Make it a part of your daily life and see how quickly we can build the adoption.

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July 08, 2017, 05:13:23 AM
 #10

I really do support off chain transactions and I think that is the way to go for Bitcoin micro transactions. It is basically a transfer of bits between accounts and the transactions no need to be confirmed by miners in the blockchain, hence no fees required. An old example of such a service would be ChangeTip where you can donate satoshis to people for free. CoinBase still allows free transfers between accounts, which is a good thing. Smiley

I hope that a mobile app with this service can be made, and we can use Bitcoin as a currency for our daily transactions in the future. Cheesy

Read more here: https://en.bitcoin.it/wiki/Off-Chain_Transactions

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July 08, 2017, 05:27:30 AM
 #11

The biggest fear that many will have is how do we use this currency in regular transactions, like for some fruit, veggies, plumbing or a beer.

So far this seems like an easy issue to resolve. The technology is there, the apps are coming along and there are a few sites that offer auction style sales. The wallets are there and all that is needed are localized people to help local businesses.

The last step is the education. Anyone have good ideas on the best path of education on applicable purchases using bitcoin?
It all comes down to getting merchants to accept Bitcoin. Once that is done, regardless of which industry they are a part of, then there is a lot more ease of use when it comes to regular transactions. But it all comes down to having people actually using Bitcoin, and some of them may have never heard about it before, some of them may have but don't know how to get more involved with it, there's a ton of things that could be an issue.

When it comes to education, showing them videos is probably the best bet and then helping them along when they learn how to accept it.
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July 08, 2017, 05:30:57 AM
 #12

The most problem here is most people around the world is still don't know what is bitcoin and how it works. We need to spread the information about this digital currency and when it happen, i'm sure people around the world will start accepting bitcoin as the payment for regular transactions in real life.


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July 08, 2017, 05:47:51 AM
 #13

The difficulty with getting merchants on board to accept Bitcoin is that there are still very, very few people relatively speaking who even know what Bitcoin is.

Estimates are roughly 1-2 million people have actively engaged in Bitcoin. This is a super low figure. Consider there are 350 million people in the USA, it means only 1/10,000 people in the USA actively uses Bitcoin at all.

When this number becomes much greater, only then will the masses use it in real life. Until then, it will remain predominantly an internet-based method of transacting.


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July 08, 2017, 06:01:56 AM
 #14

The biggest fear that many will have is how do we use this currency in regular transactions, like for some fruit, veggies, plumbing or a beer.

So far this seems like an easy issue to resolve. The technology is there, the apps are coming along and there are a few sites that offer auction style sales. The wallets are there and all that is needed are localized people to help local businesses.

The last step is the education. Anyone have good ideas on the best path of education on applicable purchases using bitcoin?

Actually, we can't use bitcoin in regular transactions like buying goods and services except in other countries that accept bitcoin in particular stores. The other countries allow their government to accept bitcoin in different stores but in my country bitcoin was not really popular. The government here wasn't don't care about bitcoin. We could be used bitcoin in different ways like online shopping that accepts bitcoin. If we want it to use it for buying our necessity, just convert it to fiat currency. Online wallets have its own converter.

Because education is important in all aspects I can say that bitcoin helps me a lot to support my financial.

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July 08, 2017, 10:52:33 AM
 #15

The biggest fear that many will have is how do we use this currency in regular transactions, like for some fruit, veggies, plumbing or a beer.

So far this seems like an easy issue to resolve. The technology is there, the apps are coming along and there are a few sites that offer auction style sales. The wallets are there and all that is needed are localized people to help local businesses.

The last step is the education. Anyone have good ideas on the best path of education on applicable purchases using bitcoin?

not just education, we need approvals from each of government because so far government still control the economy and without their permission, we can use bitcoin to do regular transactions. but if bitcoin is approve in many country, i am sure that slowly there are many local store will accepting bitcoin as payment. and if we are see in japan, there are local store accepting bitcoin and people in japan can use bitcoin to buy something in that stores.

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July 08, 2017, 11:20:29 AM
 #16

The biggest fear that many will have is how do we use this currency in regular transactions, like for some fruit, veggies, plumbing or a beer.

So far this seems like an easy issue to resolve. The technology is there, the apps are coming along and there are a few sites that offer auction style sales. The wallets are there and all that is needed are localized people to help local businesses.

The last step is the education. Anyone have good ideas on the best path of education on applicable purchases using bitcoin?
Bitcoin is very signifacant for overseas transaction. Unlike in fiat, we took to much fee, process and convertion so our recipients would be able to revieve it. This is what bitcoin wants us to avoid. Bitcoin's decentralization is really helpful since we don't need to convert the currency so our recipient can be able to get it. Another thing, the trasaction is instant and appears in just seconds and no investegations needed.

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Sniper44
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July 08, 2017, 11:27:45 AM
 #17

The biggest fear that many will have is how do we use this currency in regular transactions, like for some fruit, veggies, plumbing or a beer.

the biggest fear is about people who don't educate themselves and make assumptions like this. there is no fear about how to use bitcoin as a currency to pay for any of the things you listed. it is possible to do so now and will continue to be possible in the future also. and nothing is stopping you to do it and it is not even hard.

and with things such as lightning network coming it will become even easier.

to the moon with bitcoin...
Betwrong
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July 08, 2017, 11:36:23 AM
 #18

The biggest fear that many will have is how do we use this currency in regular transactions, like for some fruit, veggies, plumbing or a beer.

So far this seems like an easy issue to resolve. The technology is there, the apps are coming along and there are a few sites that offer auction style sales. The wallets are there and all that is needed are localized people to help local businesses.

The last step is the education. Anyone have good ideas on the best path of education on applicable purchases using bitcoin?

The biggest problem is what merchants want to accept a currency they can't reasonably predict the value of in a few days? In a few days, Bitcoin can - and regularly does - lose 20% of its value. That makes conducting business denominated in bitcoins impossible. Even the merchants currently accepting Bitcoin use a third party to immediately process the transaction to fiat. That's the only way they can be sure to retain the profit of the goods they sold.

20% is a big number, i can't really remember bitcoin price falling that much in one day. you must be thinking in $ terms and saying it in % terms. for example $100 drop has happened but it was about 3% drop for example.

That and also bitcoin can gain some with time and then merchants will be with greater profit. Yes, it's risky to accept Bitcoin, but you may also win doing that, it's not necessarily that you will lose.

If Bitcoin was losing 20% of its value in a few days regularly we wouldn't be at $2,500+ right now.

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crairezx20
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July 08, 2017, 12:05:33 PM
 #19

The biggest fear that many will have is how do we use this currency in regular transactions, like for some fruit, veggies, plumbing or a beer.

So far this seems like an easy issue to resolve. The technology is there, the apps are coming along and there are a few sites that offer auction style sales. The wallets are there and all that is needed are localized people to help local businesses.

The last step is the education. Anyone have good ideas on the best path of education on applicable purchases using bitcoin?

not just education, we need approvals from each of government because so far government still control the economy and without their permission, we can use bitcoin to do regular transactions. but if bitcoin is approve in many country, i am sure that slowly there are many local store will accepting bitcoin as payment. and if we are see in japan, there are local store accepting bitcoin and people in japan can use bitcoin to buy something in that stores.
There are few country right now are accepting bitcoin locally like you said in japan bitcoin are use daily that i think it can grow more in the future..
Not only in japan that bitcoin acceptable locally i heard that paris and brazil are bitcoin are accepting bitcoin locally.. and i hope that our country will be also include to be accepting bitcoin as payment in my country..


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Kronos21
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July 08, 2017, 12:14:00 PM
 #20

The biggest fear that many will have is how do we use this currency in regular transactions, like for some fruit, veggies, plumbing or a beer.

So far this seems like an easy issue to resolve. The technology is there, the apps are coming along and there are a few sites that offer auction style sales. The wallets are there and all that is needed are localized people to help local businesses.

The last step is the education. Anyone have good ideas on the best path of education on applicable purchases using bitcoin?

not just education, we need approvals from each of government because so far government still control the economy and without their permission, we can use bitcoin to do regular transactions. but if bitcoin is approve in many country, i am sure that slowly there are many local store will accepting bitcoin as payment. and if we are see in japan, there are local store accepting bitcoin and people in japan can use bitcoin to buy something in that stores.
There are few country right now are accepting bitcoin locally like you said in japan bitcoin are use daily that i think it can grow more in the future..
Not only in japan that bitcoin acceptable locally i heard that paris and brazil are bitcoin are accepting bitcoin locally.. and i hope that our country will be also include to be accepting bitcoin as payment in my country..
It would not be bad, but please tell me who wants to pay bitcoins. Almost all people hold the bitcoin in reserve as deposits. They hope that he will grow in price and they'll suddenly be rich. It seems to me that now just not wanting to spend your coins even if the government be allowed to do so.
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