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Author Topic: How Practical is Bitcoin As Payment Service?  (Read 1607 times)
wantjokull
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June 28, 2018, 06:57:29 AM
 #21

Lets face the reality guys. We still need third party invention to load the money, go for the purchase and then pay indirectly with the bitcoin currency. Thats the biggest drawback of it. There is no way we are paying the payments directly from our preferred wallets which re supposed to be our banks for us and being controlled by us due to decentralised nature of it.
The practical approach is when we can use the bitcoin in similar fashion as if we would use the fiat currency on daily basis. Thats my logic behind it.

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Pearls Before Swine
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June 28, 2018, 07:05:42 AM
 #22

As long as it doesn't take too long for the minimum number of confirmations needed and as long as the blockchain fees are reasonable, bitcoin works just fine.  I would still much rather use my debit card for online transactions because of those factors (which generally are problematic) and because I'm not concerned about anonymity or stealth.  

One of the major advantages bitcoin has is that it's not tethered to banks or to any governments, but for normal transactions people aren't really concerned about that.  I'd say bitcoin is actually less practical than fiat is, but that's not to say it doesn't have some advantages.  You have to ask yourself whether it was easier to pay for your item using Bitpay than it would have been if you'd paid cash.  That will answer your question for you.
There is no way we are paying the payments directly from our preferred wallets which re supposed to be our banks for us and being controlled by us due to decentralised nature of it.
Plus the merchant isn't receiving bitcoin.  They're getting fiat on their side.  Bitpay just converts what the buyer sends into whatever local currency the merchant accepts.
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June 28, 2018, 10:27:10 AM
 #23

I think this is totally practical and espesially in business.
But over all the payment is well.
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June 28, 2018, 10:39:50 AM
 #24

i am new here and i came to ask fellow users about how practical bitcoin as payment method is? i paid for domain on namecheap via bitpay and it was okishh experience. I mean how much i can use bitcoin to pay online for shopping,services and goods?


the choice is not much, but maybe a few decades ahead there are many options and in using bitcoin as a means of payment transactions. some countries that receive bitcoin have made payments via bitcoin. but not for countries that prohibit it.

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alinalovedoogie
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June 28, 2018, 12:05:03 PM
 #25

It actually depends from one country to another regarding the practicality of bitcoins as a means of exchanges. So, if anyone is interested in using bitcoins as a means of exchange, we need to see if it is being used in our country or not. Normally people convert these into currencies for transactions.
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June 28, 2018, 12:19:49 PM
 #26

Well, these days many services accept Bitcoin as a method of payment. It also depends on which country you belong to, because many services are specific to some particular countries. Hope this helps.
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June 28, 2018, 12:34:30 PM
 #27

There are many online businesses who accept cryptocurrencies, most of them accept Bitcoin as it is the most popular and widely used. But, I have seen some restaurants started accepting Bitcoin and other crypto as a payment recently.

Bitcoin payment is a practical because less hassle and far from any crime. The practical approach is when we can use the bitcoin in similar fashion as if we would use the fiat currency on daily basis. Thats my logic behind it.
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June 28, 2018, 12:46:38 PM
 #28

There are many online businesses who accept cryptocurrencies, most of them accept Bitcoin as it is the most popular and widely used. But, I have seen some restaurants started accepting Bitcoin and other crypto as a payment recently.


In highly urbanized city and places,bitcoin is easily to use.Practically in the mode of payment.You dont have to go to bank or fall in a long line of ATM machines.
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June 28, 2018, 12:51:35 PM
 #29

i am new here and i came to ask fellow users about how practical bitcoin as payment method is? i paid for domain on namecheap via bitpay and it was okishh experience. I mean how much i can use bitcoin to pay online for shopping,services and goods?

I think it would be more practical if you pay using your debit or credit card. Bitcoin as of now is much better if it's used as a store of value or an investment vehicle rather than purchasing online.
You can use bitcoin to purchase almost everything. It really depends on the vendor if it accepts crypto in exchange for their products and services.

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Giftedcrypt
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June 28, 2018, 02:54:19 PM
 #30

Bitcoin as a means of payment for service is already practical,a shopping mall in Nigerian uses Bitcoin for paying of goods..
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June 28, 2018, 02:55:50 PM
 #31

its not that practical for now because of the limited companies that accept it as payment, but in the near future crypto will be widely used by everyone
bitcub
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June 28, 2018, 03:00:46 PM
 #32

Bitcoin is a the fastest way to get paid in an instant. I am a developer and I work from a private web development company that pays via Bitcoin. I found it cool. The only pain in ass is the value of Bitcoin in USD. I wish to see Bitcoin under 6 digits.

i am new here and i came to ask fellow users about how practical bitcoin as payment method is? i paid for domain on namecheap via bitpay and it was okishh experience. I mean how much i can use bitcoin to pay online for shopping,services and goods?


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altcoinanalyst1
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June 28, 2018, 03:12:16 PM
 #33

In my opinion bitcoin is more of a investment medium rather than a payment services of daily goods. But there are some online shops that actually accepts cryptocurrency which is a good sign . Bad thing considering the current market situation I fear any new shop would actually accept it as a payment services. 
dale1075
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June 28, 2018, 03:32:32 PM
 #34

Bitcoin was primarily created as a decentralized payment and avoid the hassle of having a middleman that would govern the transaction. This a good scheme and actually paying BTC is already an accepted method in some countries. I think it is a more practical payment method only if it is accepted in more countries. Sad to say there are still many countries who do not accept BTC.

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leonair
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June 28, 2018, 03:37:55 PM
 #35

i am new here and i came to ask fellow users about how practical bitcoin as payment method is? i paid for domain on namecheap via bitpay and it was okishh experience. I mean how much i can use bitcoin to pay online for shopping,services and goods?

Besides of being a decentralized and some other great features of Bitcoin you can pay those website that accepts Bitcoin, very much low fees compare to your local remittance centers and most importantly the much faster way of sending payment is the most convenient.
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June 28, 2018, 03:38:25 PM
 #36

In practical situation bitcoin as payment is not developed yet. A few number of country take bitcoin as payment. It's still now famous as for investment.

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June 28, 2018, 03:43:30 PM
 #37

i am new here and i came to ask fellow users about how practical bitcoin as payment method is? i paid for domain on namecheap via bitpay and it was okishh experience. I mean how much i can use bitcoin to pay online for shopping,services and goods?
sometimes, a service will announce what payment they receive. well, if they accept bitcoin, of course there will be a nominal listed there, but if it's in dollar form, you just have to pay it using bitcoin according to dollar price if they accept bitcoin.


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BrewMaster
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June 28, 2018, 03:51:54 PM
 #38

as a merchant you get the security that you will not lose your money anymore because the customer charged back and you lose your money because those payment processors are flawed. but when using bitcoin there is no charge back.
as a customer you don't have to also reveal your identity each time you want to make a tiny purchase. you keep your privacy. and also you never need a third party in the middle to handle your money, you do that all by yourself. this means you can transfer money at any time anywhere in the world and pay a tiny fee!

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June 28, 2018, 04:45:05 PM
 #39

There is no doubt that bitcoin and cryptos for this matter, are gradually evolving to become a mainstream payment service. The challenges are there alright, but I am very upbeat that in no time these will be dealt with just like in the days when fiat money first came into being. Crypto has come to stay and kudos to Satoshi for this awesome invention.
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June 28, 2018, 04:51:26 PM
 #40

well in my country whenever I want to use btc for a payment I have to search the seller from online which is a private seller not a company, some of the private sellers accept btc here.

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