Spending Bitcoin These Days

[marketprice]

I see more and more merchants accepting Bitcoin but I feel many are missing the point. I, along with the vast majority of you, hate spending my Bitcoin. The only reason I would spend Bitcoin is if I can get a 20%+ discount on an item or service that I would be purchasing anyway. This also assumes I can immediately purchase more BTC to cover what I spent. I have done this before for purchases on Purse, then buying the BTC right back on Coinbase. The headache alone is hardly worth it. So merchants! It's great that you accept BTC but give us a compelling reason to spend it at your establishment, otherwise we really don't care.

[guclu]

You've got a point... People don't see it as a spendable money but more like "gold"... You wouldn't spend it unless you really need it. But likewise, the merchants wouldn't really care if they get paid in fiat or crypto, so why should they help promote bitcoins and give a discount for using them? That doesn't make sense either... In the end, if we wish for a world were btc is more commonly used and far more valuable, we have to make some sacrifices if you know what I mean..!

[pusongsawi!]

You've got a point... People don't see it as a spendable money but more like "gold"... You wouldn't spend it unless you really need it. But likewise, the merchants wouldn't really care if they get paid in fiat or crypto, so why should they help promote bitcoins and give a discount for using them? That doesn't make sense either... In the end, if we wish for a world were btc is more commonly used and far more valuable, we have to make some sacrifices if you know what I mean..!

[erikalui]

You can anyways be getting atleast 15% discount when you purchase gift cards instead of directly purchasing items with bitcoins else there are just few sites offering cashback in bitcoins like https://www.coinrebates.com/. 20% would be a huge discount rate which we wouldn't even get via fiat and since bitcoins don't have a stable price, it wouldn't be profitable for the merchant as well.

[Flomo]

a thing I find hard to do, with purchases using bitcoin you will most likely lose money, everything we buy with bitcoin is not worth the price in general, because the transaction process is more expensive.

[emuLOAD]

The compelling reason is that you are able to spend bitcoin directly. For you it may be a hassle because you don't want to ever touch your coin (evidently you don't own many). For some people, it's an opportunity to extract some value from their profits.

[webtricks]

I still feel Bitcoin isn't a currency which could be readily use as merchant currency. Away from OP reasoning, I personally never feel comfortable spending Bitcoins for commodities as with time when Bitcoin rises, I feel that I lost money.
There is a need of another cryptocurrency in contrast to Bitcoin which could fulfil merchant needs with more stable prices using Bitcoin ecosystem.

[SummerBliss]

Bitcoin has largely became an investment asset than a currency. Most of the Bitcoin holders believe in holding Bitcoin rather than spending because of its deflationary property comes with limited cap. Till when fiat is available which is inflationary, people are less likely to spend cryptocurrencies. In your case, yes if there is some really big deal using Bitcoin, then only people can think of spending. Otherwise who will like to spend something which will grow in value just by holding.

[marketprice]

The compelling reason is that you are able to spend bitcoin directly. For you it may be a hassle because you don't want to ever touch your coin (evidently you don't own many). For some people, it's an opportunity to extract some value from their profits.

If that is compelling then you are easily compelled. I would be more than happy to place a bet regarding who of us holds more BTC

[agustina2]

I see more and more merchants accepting Bitcoin but I feel many are missing the point. I, along with the vast majority of you, hate spending my Bitcoin. The only reason I would spend Bitcoin is if I can get a 20%+ discount on an item or service that I would be purchasing anyway. This also assumes I can immediately purchase more BTC to cover what I spent. I have done this before for purchases on Purse, then buying the BTC right back on Coinbase. The headache alone is hardly worth it. So merchants! It's great that you accept BTC but give us a compelling reason to spend it at your establishment, otherwise we really don't care.

Reason? Didn't you know that it's a good exposure for bitcoin once merchants accepted it especially if that is big merchant eventhough their goal is not means to exposed it. One reason they accepted bitcoin is because of demands and request.

Also why don't spend bitcoin? It's money and that is their money so whatever they like to do, then just allow it. Also merchants are not obliged to gives us a compelling reason like you are saying because in the end, we are the one who will decide if we will used bitcoin payment. And another one, there are times that people doesn't have fiat so bitcoin is the only option. There are lots of things to be concerned of rather than this.

[stompix]

Bitcoin has largely became an investment asset than a currency. Most of the Bitcoin holders believe in holding Bitcoin rather than spending because of its deflationary property comes with limited cap. Till when fiat is available which is inflationary, people are less likely to spend cryptocurrencies. In your case, yes if there is some really big deal using Bitcoin, then only people can think of spending. Otherwise who will like to spend something which will grow in value just by holding.

Yeah , just hold. Do that and you;re going to kill it.
Do you remember what drove the price high?  Adoption and merchants.

Holding will get you nowhere.
Remember what the price of bitcoin was before the first pizza was bought?    0!!!!!!!
If everyone holds and nobody will use it it will go back to that price.

[marketprice]

Bitcoin has largely became an investment asset than a currency. Most of the Bitcoin holders believe in holding Bitcoin rather than spending because of its deflationary property comes with limited cap. Till when fiat is available which is inflationary, people are less likely to spend cryptocurrencies. In your case, yes if there is some really big deal using Bitcoin, then only people can think of spending. Otherwise who will like to spend something which will grow in value just by holding.

Yeah , just hold. Do that and you;re going to kill it.
Do you remember what drove the price high?  Adoption and merchants.

Holding will get you nowhere.
Remember what the price of bitcoin was before the first pizza was bought?    0!!!!!!!
If everyone holds and nobody will use it it will go back to that price.

cool, you should definitely go spend all of your Bitcoin then.

[hasmukh_rawal]

I see more and more merchants accepting Bitcoin but I feel many are missing the point. I, along with the vast majority of you, hate spending my Bitcoin. The only reason I would spend Bitcoin is if I can get a 20%+ discount on an item or service that I would be purchasing anyway. This also assumes I can immediately purchase more BTC to cover what I spent. I have done this before for purchases on Purse, then buying the BTC right back on Coinbase. The headache alone is hardly worth it. So merchants! It's great that you accept BTC but give us a compelling reason to spend it at your establishment, otherwise we really don't care.

I can understand what are you trying to say.Even myself saving the bitcoin for future plan rather than spending it on daily needs.I think Bitcoin is valuable similar to gold and people dont like to spend it until if there is any kind of emergency, but i like to spend it if there is any offer or coupon  available because they are directly offering us some discount in anyway. I only wish to trade or invest with bitcoin than on spending it on daily basis. Even i wish to spend it, then i will aim for at-least good offers to spend it on shopping or somewhere else otherwise i wont.

[marketprice]

I see more and more merchants accepting Bitcoin but I feel many are missing the point. I, along with the vast majority of you, hate spending my Bitcoin. The only reason I would spend Bitcoin is if I can get a 20%+ discount on an item or service that I would be purchasing anyway. This also assumes I can immediately purchase more BTC to cover what I spent. I have done this before for purchases on Purse, then buying the BTC right back on Coinbase. The headache alone is hardly worth it. So merchants! It's great that you accept BTC but give us a compelling reason to spend it at your establishment, otherwise we really don't care.

Reason? Didn't you know that it's a good exposure for bitcoin once merchants accepted it especially if that is big merchant eventhough their goal is not means to exposed it. One reason they accepted bitcoin is because of demands and request.

Also why don't spend bitcoin? It's money and that is their money so whatever they like to do, then just allow it. Also merchants are not obliged to gives us a compelling reason like you are saying because in the end, we are the one who will decide if we will used bitcoin payment. And another one, there are times that people doesn't have fiat so bitcoin is the only option. There are lots of things to be concerned of rather than this.

Its more of a gimmick, if you want my business I need more than that. Bitcoin is not going anywhere, businesses can accept it all they want, it won't matter. Most intelligent people will not part with their BTC without buying more, I need real compelling to do this. The merchants get more benefit than the Bitcoin spender.

[stomachgrowls]

I see more and more merchants accepting Bitcoin but I feel many are missing the point. I, along with the vast majority of you, hate spending my Bitcoin. The only reason I would spend Bitcoin is if I can get a 20%+ discount on an item or service that I would be purchasing anyway. This also assumes I can immediately purchase more BTC to cover what I spent. I have done this before for purchases on Purse, then buying the BTC right back on Coinbase. The headache alone is hardly worth it. So merchants! It's great that you accept BTC but give us a compelling reason to spend it at your establishment, otherwise we really don't care.

If we do put ourselves as a merchant who do accepts bitcoin then we would probably sell out things which are really discounted and i guess it would really be worth knowing bitcoin prices would potential grow and you would able to break even on what you had given to your sales.I do spend my bitcoin on buying on steam purchases and its indeed on lesser prices.

[RodeoX]

I ONLY spend bitcoin online and I think you have a point. I now expect to pay less when I buy with bitcoin. At least 2-3% less. I can demand this because I know thy are saving 3% vs. a credit card.

For example, here is a little gold. Notice that it is $14,270.50. However if I pay with bitcoin it is $13,856.20. That is saving me $414.30 per bar!

https://www.amagimetals.com/gold/bars/10-oz-pamp-suisse-gold-bar-999-fine-gold#

Better money commands a better price.  

[acener]

I see more and more merchants accepting Bitcoin but I feel many are missing the point. I, along with the vast majority of you, hate spending my Bitcoin. The only reason I would spend Bitcoin is if I can get a 20%+ discount on an item or service that I would be purchasing anyway. This also assumes I can immediately purchase more BTC to cover what I spent. I have done this before for purchases on Purse, then buying the BTC right back on Coinbase. The headache alone is hardly worth it. So merchants! It's great that you accept BTC but give us a compelling reason to spend it at your establishment, otherwise we really don't care.

I also just use bitcoin when I really need to especially in emergency cases or when I really run out of money. But, as much as possible I keep all the bitcoin that I can. I also have my salary from my job, so as much as possible all the coins that I earn here are meant to be my long-term investment.

[emuLOAD]

The compelling reason is that you are able to spend bitcoin directly. For you it may be a hassle because you don't want to ever touch your coin (evidently you don't own many). For some people, it's an opportunity to extract some value from their profits.

If that is compelling then you are easily compelled. I would be more than happy to place a bet regarding who of us holds more BTC

I'm not a betting man... and mine wasn't a challenge, just a supposition. If you do own many bitcoin (say, more than 30% of your net worth), then the more usual thing to do is to export a portion of your profits--even small--to other forms of store. Most of my BTC purchases have been like that, some gold/silver, some magic, some other stuff... just in order to ensure a portion of my gains is in a different form, suitable for different times.

in that case, the ability to spend bitcoin directly is compelling and costs less than using regular cash.

[gentlemand]

I'm not convinced merchants will ever be able to entice people to spend Bitcoin, certainly not people who don't already own it. Very few of them will have margins big enough to be able to discount enough to make up for the inconvenience.

Widespread merchant adoption will be one of the last things to fall into place. It definitely won't drive adoption.

I'm pretty spend happy with it because it's basically free money at the moment. There's no way I'd bother if I had to buy it to buy something.

[The Sceptical Chymist]

I totally agree with you, and I've been making the same point for probably as long as I've been a member of bitcointalk. The opportunity cost is way too much.  The other thing is that I get my paycheck in fiat, and everything I need is priced in fiat.  There's no reason to buy bitcoin just to turn around and spend it.  It has always been a speculative instrument to me and always will. It can function as a currency, but that's not really what its primary purpose is.