Bitcoin expense problem

[r00]

At the current stage of the Bitcoin development many things have been analyzed that look for a solution, such as scalability problems or transaction speed.
I apologize for the noobism but I would like to know this thing:

To date, if I bought Bitcoin, it, in what can I spend it?
Only to buy altcoin or participate in ICO? Or spend them in the few services that offer it? What is the current situation?


Thank you,
r00

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[junoreactor]

Welcome to the forum r00. Sadly not enough merchants accept bitcoin, and let's face it the big majority of holders bought bitcoin for speculation purpose. That being said, I have myself used bitcoin for one of my favorite hobbies (sports betting), it is easy to find website accepting payments in digital currency. Some others like to use bitcoin to play poker.
But I guess you are looking for online shops: then I recommend the service "spendabit", it's a search engine for things you can buy in bitcoin.

[GreatMurphy]

Welcome to the forum r00. Sadly not enough merchants accept bitcoin, and let's face it the big majority of holders bought bitcoin for speculation purpose. That being said, I have myself used bitcoin for one of my favorite hobbies (sports betting), it is easy to find website accepting payments in digital currency. Some others like to use bitcoin to play poker.
But I guess you are looking for online shops: then I recommend the service "spendabit", it's a search engine for things you can buy in bitcoin.

Thanks a lot for the recommendation, I was torturing myself with the same question, not seeing enough places, where I can spend my Bitcoin.

[r00]

Welcome to the forum r00. Sadly not enough merchants accept bitcoin, and let's face it the big majority of holders bought bitcoin for speculation purpose. That being said, I have myself used bitcoin for one of my favorite hobbies (sports betting), it is easy to find website accepting payments in digital currency. Some others like to use bitcoin to play poker.
But I guess you are looking for online shops: then I recommend the service "spendabit", it's a search engine for things you can buy in bitcoin.

Thanks for the welcome, you were the first to welcome me.
I also thank you for your advice and your directions.
In this regard, if it is a chance to make money over time, why retail traders do not start to adopt Bitcoin? What blocks them? Is it a lack of trust and security towards the Bitcoin itself?

[Pan Troglodytes]

Thanks for the welcome, you were the first to welcome me.
I also thank you for your advice and your directions.
In this regard, if it is a chance to make money over time, why retail traders do not start to adopt Bitcoin? What blocks them? Is it a lack of trust and security towards the Bitcoin itself?

Unfortunately the problem is more complex than that. This is true that media throughout the world try to discredit bitcoin as having no official government support, but to the people well informed it would be just FUD. So lack of trust is not the reason behind low acceptance.

The problem is that the fees for spending Bitcoin are very high. You will buy a coffee for 2$ and spend 20-30$ on fees. Some merchants and services (Steam is the most notable) that previously accepted bitcoin - stopped doing it. I have read in some other thread by German user, that Berlin was full of places that accepted bitcoin and it is no longer the case now.

The only hope is the Lightning Network, which may create channels to spend bitcoin with no fee. How this will play out - we shall see in the future

[junoreactor]

Welcome to the forum r00. Sadly not enough merchants accept bitcoin, and let's face it the big majority of holders bought bitcoin for speculation purpose. That being said, I have myself used bitcoin for one of my favorite hobbies (sports betting), it is easy to find website accepting payments in digital currency. Some others like to use bitcoin to play poker.
But I guess you are looking for online shops: then I recommend the service "spendabit", it's a search engine for things you can buy in bitcoin.

Thanks for the welcome, you were the first to welcome me.
I also thank you for your advice and your directions.
In this regard, if it is a chance to make money over time, why retail traders do not start to adopt Bitcoin? What blocks them? Is it a lack of trust and security towards the Bitcoin itself?

You are welcome. Pan Troglo gave a good reply above me, the fees of a standard bitcoin transaction are way too high right now to buy/sell everyday products with it. I would not mind buying a flight ticket with bitcoin, but buying a pack of beer would make no sense. Standard fee is around 10 USD right now (I believe) but went up to 30 USD last month.
Pan Troglo above me mentioned Lightning network, and he is totally right about that, Lightning network will allow transactions "off the chain" which should result in much faster and much quicker transactions.

Another reason why not many merchants accept bitcoin is the massive volatility of the price. Most merchants fear that. They could of course convert bitcoin to EUR or USD immediately, but this is not really convenient for them.

To earn bitcoin, you can join signature campaigns on this forum, you will need to post every week first until your rank gets up to Junior Member, then you can apply to signature campaigns and get paid per week (go to the "services" section of the forum).
I would not recommend trading for a newbie. If you want to try to earn bitcoin by placing bets on the sports you know well, just send me a Private message and I will help you out with this.
Best of luck.

[Riddikulo]

At the current stage of the Bitcoin development many things have been analyzed that look for a solution, such as scalability problems or transaction speed.
I apologize for the noobism but I would like to know this thing:

To date, if I bought Bitcoin, it, in what can I spend it?
Only to buy altcoin or participate in ICO? Or spend them in the few services that offer it? What is the current situation?


Thank you,
r00

Many people (if not the majority) really use Bitcoin as the coolest stuff for making investments. Bitcoin fans believe that this coin will grow and bring huge profit.

It will do it, sure, but you can use BTC for other things: https://www.youtube.com/watch?v=7ixhnBB_iCA (Where To Spend Your Bitcoin - Top 5 Places Online)

[nicko122]

At the moment it can be exchanged for other crypto-currencies, or for the state currency. So far, very few services and sites that accept payment in bitcoins, but their number is gradually increasing.

[bitart]

Thanks for the welcome, you were the first to welcome me.
I also thank you for your advice and your directions.
In this regard, if it is a chance to make money over time, why retail traders do not start to adopt Bitcoin? What blocks them? Is it a lack of trust and security towards the Bitcoin itself?

Unfortunately the problem is more complex than that. This is true that media throughout the world try to discredit bitcoin as having no official government support, but to the people well informed it would be just FUD. So lack of trust is not the reason behind low acceptance.

The problem is that the fees for spending Bitcoin are very high. You will buy a coffee for 2$ and spend 20-30$ on fees. Some merchants and services (Steam is the most notable) that previously accepted bitcoin - stopped doing it. I have read in some other thread by German user, that Berlin was full of places that accepted bitcoin and it is no longer the case now.

The only hope is the Lightning Network, which may create channels to spend bitcoin with no fee. How this will play out - we shall see in the future

Transaction fee is on the way down at the moment, so transactions are becoming cheaper compared to the end of last year, you don't have to pay 30$ on a transaction as a fee.  The speed is a different story, in order, to get a confirmation (in the next block) you need to wait for 10 minutes (if you have your transaction included in the very next block). To have the necessary 6 confirmation, it takes roughly an hour.  The Ligthning network will help to move the transactions in some seconds or less (no need to wait for confirmation), so for me it would be fine with the current fees, but it will cut the fees too, so win-win in connection with speed and fees. Merchants will be able to collect the payment in a few seconds if they connect to an LN hub with enough connections to other hubs. My only concern is that merchants are legal entities, so they need to prove the incomes of their shops, and if they accept bitcoin but they cannot include it in their tax report, because governments don't allow payments in bitcoin, it will be harder to get to the mass adoption. But if governments want to collect taxes on bitcoin payments and on bitcoin incomes (and not a small income but rather huge) they have to enable bitcoin payments sooner or later...

[bitfocus]

You can use Crypto Debit Cards and use your crypto to spend on anything, you can find some good crypto debit card services online, and here is one for you
https://www.bitcoinmarketinsider.com/7-different-bitcoin-debit-card-services-and-fees/

[Thanasis]

At the current stage of the Bitcoin development many things have been analyzed that look for a solution, such as scalability problems or transaction speed.
I apologize for the noobism but I would like to know this thing:

To date, if I bought Bitcoin, it, in what can I spend it?
Only to buy altcoin or participate in ICO? Or spend them in the few services that offer it? What is the current situation?


Thank you,
r00

Still bitcoin is not yet for the day to day usages due to its high fees and more time to get confirmations.But soon bitcoin will be uses everywhere after the lightning network maybe.But many online websites are accepting bitcoin as their payment maybe it is not available in all countries but online shops like amazon accepting bitcoin and many institutions accepting bitcoin as their payment.
I don't want to spend any of my bitcoins now because it be more worthable in future so you also think in that same way.

[frowsiter]

At the current stage of the Bitcoin development many things have been analyzed that look for a solution, such as scalability problems or transaction speed.
I apologize for the noobism but I would like to know this thing:

To date, if I bought Bitcoin, it, in what can I spend it?
Only to buy altcoin or participate in ICO? Or spend them in the few services that offer it? What is the current situation?


Thank you,
r00

Your thoughts are in right direction and explains the same situation as everybody is into. It's been very long period now since when bitocin was brought as an idea of faster and secure transaction agent with its application in the day to day life. But as we can see things have become little worse than anyone could have thought before.

This condition is all because of the network congestion and scalability issues as everyone is speaking up here.

So in the market like this where you could spend the bitcoin ? Well there are many companies, related to food and drinks chain have opened up there doors to accept the bitcoin but only in the modest countries. The ratio is very low and third world can just dream about it.

You can do use bitcoin ATM to cash out real money and then spend it wherever you want. I know that's just midway through it but that's the option we have at best level. Rest we can't do much but wait for the thing to develop properly.

[justin86]

It is hard to use it in daily life even some accept it because of transaction fees, speed. Even the fastest, cheapest coins are mostly bought and sold for investment and trading.

[Dudeperfect]

There are many services out there online and offline too but in case of the offline merchants, it depends on your location because we don't have that network as of now where we can directly use Bitcoin to pay for the goods and services. However at this stage microtransactions are not affordable in my opinion because the high transaction fee and confirmation time so in most of the cases, you will have to wait on the actual physical location unless and until the transaction is confirmed.

[cryptomato]

Thanks for the welcome, you were the first to welcome me.
I also thank you for your advice and your directions.
In this regard, if it is a chance to make money over time, why retail traders do not start to adopt Bitcoin? What blocks them? Is it a lack of trust and security towards the Bitcoin itself?

Unfortunately the problem is more complex than that. This is true that media throughout the world try to discredit bitcoin as having no official government support, but to the people well informed it would be just FUD. So lack of trust is not the reason behind low acceptance.

The problem is that the fees for spending Bitcoin are very high. You will buy a coffee for 2$ and spend 20-30$ on fees. Some merchants and services (Steam is the most notable) that previously accepted bitcoin - stopped doing it. I have read in some other thread by German user, that Berlin was full of places that accepted bitcoin and it is no longer the case now.

The only hope is the Lightning Network, which may create channels to spend bitcoin with no fee. How this will play out - we shall see in the future

It is way more complex than that. When transaction time and transaction fee are increasing day by day I'm afraid it is effecting bitcoin's future in negative way. The reason for last fall is not this of course but it is one of the factor.

[whoisyourking]

At the current stage of the Bitcoin development many things have been analyzed that look for a solution, such as scalability problems or transaction speed.
I apologize for the noobism but I would like to know this thing:

To date, if I bought Bitcoin, it, in what can I spend it?
Only to buy altcoin or participate in ICO? Or spend them in the few services that offer it? What is the current situation?


Thank you,
r00

You can accept the fact that if you hold a small amount of bitcoin you cant convert it to a real money because of a huge transaction fees for example you want to convert your 5 dollars, the real thing is you cant withdraw all of that and you can received on 1$ or maybe less.

[SUDARMONO]

if you buy a bitcoin better you use to buy a good altcoin for you long-term intersection or you can make to trade, and it's more useful and very productive.

[Ozero]

Indeed, the problem with the use of bitcoin itself as a means of payment now exists. On the one hand, bitcoin has problems with transactions and commission fees for their implementation, on the other hand - the infrastructure for bitcoin is still very poorly developed for a number of reasons. Personally, I still have a virtual wallet in which I can, if desired, transfer bitcoin if necessary into the national currency and then use the national currency. While so it is easier. Maybe with time everything will turn right and we can directly use bitcoin as a means of payment, but so far it is quite difficult.

[UAE Seasider]

The easy answer to your question is if you can get yourself a Crypto Debit card then you can spend it on practically anything. I recently got mine it is MasterCard branded and I can use it for simple things like a coffee, fill up the car with gas, grocery shopping or bigger purchases like a holiday, house furniture.

[Virman01]

most people buy bitcoin for long-term investments, as there are not many services that provide bitcoin payouts in some countries. my country for example, prohibits bitcoin as a means of payment. Thanks