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Author Topic: How Practical is Bitcoin As Payment Service?  (Read 1607 times)
excessbit
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June 28, 2018, 04:52:30 PM
 #41

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.

Yea brother, but don't forget that without this third party intervention doing batter with a crypto will be practically impossible. Remember, banks serve as third (regulating) party to fiat currencies. So I suggest that we just have to make do with the system just as it is.
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June 28, 2018, 05:00:53 PM
 #42

If you want to get service by using bitcoin as payment you have go and make transaction on country have allowed and legal bitcoin transaction. My country is not unvelaible for using bitcoin as payment and trasaction, you can go to United State and buy something there by using bitcoin payment, or you can go to asian country like Japan and Korean Repulic and you can using bitcoin payment. Only country was allowed bitcoin you can take service by using bitcoin payment.

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June 28, 2018, 05:01:09 PM
 #43

Truly speaking it is not practical to pay via bitcoin because I am not being paid by my employer in bitcoin.   If I want to pay via bitcoin; I have to first purchase bitcoin and so I will have to pay some charges for purchasing and paying bitcoin.
Under  such circumstances I will be shopping by paying / using my debit / credit card which is to some extant free of charge in my country.  But now I am working in bitcoin bounties; so as a reward I will be getting certain coins; which I may convert to bitcoin.  Then it will be easier for me to pay via bitcoin.

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June 28, 2018, 06:42:06 PM
 #44

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?
Unfortunately bitpay becomes a bad experience for people who use third party wallets or online wallets. Their payments are made through special links which are not supported by most of the wallets.
How much you can spend using bitcoin depends on you. But you should be asking how many people out there are accepting bitcoin/cryptocurrencies as payments. The answer is actually very few. Price instability is one the reasons why they are not willing to accept crypto currencies. Just look at steam. They used to accept bitcoin and now they don't.


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magneto
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June 28, 2018, 08:15:27 PM
 #45

It's very practical. Especially if you're looking to pay someone overseas, it is the most convenient form of payment that you are able to find. In that regard, bitcoin really serves well as a medium of exchange globally, which is something that fiat does not have.

You can pretty much buy anything you need with bitcoin, without having to convert it back into fiat at this point. There are obviously also services where you are able to buy anything you want that accepts credit cards using bitcoin.

Just keep in mind though that merchant adoption is nowhere nearing its peak at the moment, there is still a long way to go before we can see individual merchants accept bitcoin directly. Right now, this is done mainly through the use of payment processors such as Bitpay which in the future we may see less of as adoption grows.

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June 28, 2018, 08:25:13 PM
 #46

they can work on him if that is not practical. but future is in blockchain, he will understand soon.
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June 28, 2018, 08:37:43 PM
 #47

Bitcoin is still treated as an asset more than a payment method or a currency by the majority of the BTC community, in my opinion. However it is still used as a currency sometimes and there are many marketplaces online, including the one of this forum, supporting BTC as a payment method. But I think most people prefer to hold their coins and paying with fiat money instead of BTC and cryptocurrencies.

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bycocoricos
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June 28, 2018, 10:25:20 PM
 #48

Not very, as online is the only place you can buy stuff with it. I am yet to see an irl merchant that accepts Bitcoin payments. And the tech seems a bit slow, will definitely need some more honing to be commercial-grade ready.
ParveZ219
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July 02, 2018, 10:43:08 AM
 #49

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?
First of all most of us are using bitcoins for trading...Means its the thing which we trade...We are trading bitcoins...We are trading a currency...Bitcoin is a currency but its not having any specific value...Some shopping sites accept bitcoins because they also want to trade Bitcoins.
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July 02, 2018, 11:37:49 AM
 #50

Id say that its impractical in a way that you could actually regret it later .

Value wise , bitcoin's price today is on a down slope . If you buy a $50 item on a website that accepts bitcoin based on the bitcoin's price today ($6,341) , that would be around 0.0079 btc . And the bitcoin's price could increase/decrease in an hour , ANYTIME . And if it increase in price you could be in tears thinking that you paid more for that certain item . So i guess thats the main problem.

But yes there are some good thing about bitcoin , that is its online . You wont lose it unless you are stupid enough to lose your account or something . Payment only takes minutes which is very handy . Transactions are secured . Tho you cant find many website that accepts bitcoins at this moment  Undecided Undecided

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July 02, 2018, 04:55:13 PM
 #51

Well, for me bitcoin as payment service is good because lots of store now accepting bitcoin, but i can observe that when we convert our bitcoin in our local money, it is too high the fees of it whereas we can say that the bitcoin is very expensive for the investors when they invest or buy bitcoin. But over all the payment is well.
that's exactly how I feel
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July 02, 2018, 05:12:36 PM
 #52

I think it is Bitcoin is very practical and useful as payment service. A lot of shops, companies and other businesses already accept payments in BTC. Today there are a lot of startups that help integrate other businesses' e-shops on their own e-commerce platforms to help them accept payments and transactions in BTC and other popular cryprtos. Such decentralized blockchain platforms are very useful as you receive the possibility to accept BTC payments and you don't need to adjust your personal website to blockchain innovations, especially if you don't have any knowledge in this area.

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July 02, 2018, 05:35:55 PM
 #53

Using Bitcoin as mode of payment is not practical as of now since its value is too low. Example, you can buy a 1$ burger now and if you hold it, your can buy 2 of  them.
Meaning, it is better to use BTC as investment instead of Payment

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July 02, 2018, 05:39:40 PM
 #54

I think bitcoin will enter many large shopping websites in the next few years, which is a new experience for young people. The most important way of payment is bitcoin, which is more efficient. Altcoin may be more advantageous in terms of rate.
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July 02, 2018, 05:42:07 PM
 #55

Not much of every online shoping can accepted bitcoin as payment. But bitcoin instead can doing payment as much as you can

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July 02, 2018, 05:48:47 PM
 #56

Thank you for the explanation. It really helps the ones who are interested in Learning about Bitcoins. Am interested in Learning about bitcoin and Crypto trading, So I think this forum would be a great resource for me.
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July 02, 2018, 08:22:07 PM
 #57

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?


Bitcoin is a good type of new generation fiat. Though its a cryptocurrency buyet still you can treat it as an ordinary money that is in exchange which goods. So far, there’s really are shopping businesses that are introduce to this kind of transaction. In pur part, we just have to be wise when and where to buy or use bitcoin specially online.

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July 02, 2018, 08:25:24 PM
 #58

I think that payment using bitcoin is fully practical. Think, bitcoin was invented as digital currency and currency is mainly used for paying anything whether it is a service or goods. It fights with fiats to be the mainstream currency and the fight is for being used as the most popular payment option. So I think this is truly practical using bitocin for paying.
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July 02, 2018, 08:26:13 PM
 #59

There are various services that accept Bitcoin.

There is also Purse.io, which can be used to buy stuff from Amazon at a discount using Bitcoin.
Thank you for the site you shared. I am also looking to find a few sites that accept bitcoin as a form of payment and I can Purchase on Amazon by bitcoin.
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July 03, 2018, 01:23:46 PM
 #60

Using Bitcoin as mode of payment is not practical as of now since its value is too low. Example, you can buy a 1$ burger now and if you hold it, your can buy 2 of  them.
Meaning, it is better to use BTC as investment instead of Payment
bad logic my friend if you "hodl" you may end up buying half and no burger at all also.
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