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Author Topic: How many people use Bitcoin for more than a funds transfer system?  (Read 70 times)
Jet Cash
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March 21, 2018, 06:54:06 PM
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When I first joined Bitcoin Talk I got quite excited about the capabilities of Bitcoin, and its sophisticated payment options.  Since then, all I have ever done is to receive single payments into a core wallet. I did try to use some of the "advanced" options, but nobody was interested.

How many of you have used Bitcoin for more than just a simple payment mechanism?
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March 21, 2018, 07:38:46 PM
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Does using a multisig count just as a payment mechanism?

I think mutlisig transactions are the most popular and useful feature that has been brought to us by the blockchain.
Trustless escrow is quite an invention.
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March 21, 2018, 07:45:16 PM
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Multisig counts, especially if you can use it for escrow. I couldn't work out how you could do it without a trusted third party. In fact this difficulty is why I started to look at Wax from OPskins.
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March 21, 2018, 07:53:25 PM
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How many of you have used Bitcoin for more than just a simple payment mechanism?

I barely use it as a payment mechanism.

I use it to send money abroad. In my country there are heavy taxes for sending money abroad (about 8% of each transaction, depending on the situation you can sometimes transfer for 1.5-2%).

Usually using bitcoin I can send money to another country for much less. But sometimes the Bitcoin price here is about 10% higher than in Coinmarketcap(usually when we are in a bull run), then I have to wait to send the money.

Using bitcoin to send money abroad is not illegal here in Brazil (yet).
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March 21, 2018, 08:19:40 PM
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How many of you have used Bitcoin for more than just a simple payment mechanism?

I barely use it as a payment mechanism.

-snip-

What you just described is actually a form of payment mechanism too, albeit involving overseas or cross-border transfers.  Smiley


P.S. Also I have invested in BTC as a speculative investment too, although many people find that it belittles the original concept.
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March 21, 2018, 08:48:48 PM
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I have an idea to reward my loyal reader in my blog when I publish my first blog.

The concept is very simple I make a cryptography jpeg and they have to decrypt the image that holding a certain amount of prize in bitcoin of course.
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March 21, 2018, 08:58:37 PM
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How many of you have used Bitcoin for more than just a simple payment mechanism?

I barely use it as a payment mechanism.

-snip-

What you just described is actually a form of payment mechanism too, albeit involving overseas or cross-border transfers.  Smiley


P.S. Also I have invested in BTC as a speculative investment too, although many people find that it belittles the original concept.

You are right. But if you are so inflexible in your concept of payment, bitcoin can't be used for more than a funds transfer system. Even multisig (mentioned above) is a funds transfer or payment mechanism.

Actually, there is only one thing that you can do, that is not a fund transfer or a payment mechanism.
Sign messages. lol Signing messages is not related to fund transfer or any kind of payment. You can sign a message to prove you own an account here, for example, or to receive an airdrop.
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March 22, 2018, 08:34:24 AM
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You are right. But if you are so inflexible in your concept of payment, bitcoin can't be used for more than a funds transfer system. Even multisig (mentioned above) is a funds transfer or payment mechanism.


That is why I said a simple payment system. If you time lock the payment for example, then it is no longer a simple payment.
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March 23, 2018, 01:59:56 AM
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Signed messages are an interesting side use.

Signing a message with your Bitcoin private key, perhaps referencing the latest block hash as a time stamp - for example to prove you held some piece of information at a certain time.
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