How Practical is Bitcoin As Payment Service?

[fulmetal08larz]

I am utilizing most of my BTC as an investment for long term which I will make use of it in the near future. Some of my BTC are being used to pay bills online, some are being converted to fiat whenever I need funds for emergency uses. I believe that BTC will be widely adapted someday and more merchants will be accepting it as a payment. It is more convenient than the traditional financial system.

[SoiledDove]

So for some it's an investment. But for others? It can be a means of payment if you have a place which will accept it. As acceptability of bitcoin and crypto grows, it will definitely become a more practical means of payment.

[Compiler]

Bitcoin as a form of payment in physical stores or online, is somewhat complicated but not as much as you think. It is true that it goes up and down when you want, but the difference is nil unless something important happens. Therefore, when you want to buy something, do it.

[keziakusayang]

if a lot of things can shop online with bitcoin maybe it will be very easy, but unfortunately in my country bitcoin transactions are still banned, I have never made any payments with bitcoin.

[Amevalentine]

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?

There are some sites that accept Bitcoin
The number is now increasing
As for the local sites and shops it depends on the legal Bitcoin mode there.

It depends if that place bitcoin was being legalized by their government and as what you have said some countries are adopting the same way and make bitcoin as legal payment method.

I agree with you for me it is actually easy for any payment for bitcoin but must be agreed first with the rights of the authorities and I think it should be permitted if there is no illegal or fraudulent problem

[wxa7115]

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?

As of right now bitcoin is not the easiest way to pay for services on the internet or in physical stores but this is going to eventually change and things are going to improve once the lightning network is finally activated, there is a long way to go before that happens since the developers need to make sure that everything is all right before that happens.

So for the time begin it is a good idea to look for other options, this is especially true if you are looking forward to the future of bitcoin not only as a currency but as an investment since right now its price is very low compared to the all time high that we reached just a few months ago.

[deadthings]

As an example of the practical use of Bitcoin (and several other cryptocurrencies) I can give my last holiday visit to Cryptobar in Tenerife (Canary Islands). A great experience to pay in BTC, and of course this is a cool place! I recommend!

https://www.tripadvisor.co.uk/Restaurant_Review-g659661-d13999155-Reviews-Cryptobar-Los_Cristianos_Arona_Tenerife_Canary_Islands.html

[abanansah]

Bitcoins like other remittance services like western union is able to be used to make payment online in a fraction of seconds without interference of a financial institutions. It is this mode of payment that make bitcoins superior to any of the payment services available. Also, the ability to make anonymous payment is an advantage of using it as a payment service.

[SnapDown22]

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 practical way must be permission from the authorized person so I cannot force it and must explain it must be permission first and after permission can be explained how to pay bitcoin through the day

[ahmad21]

Absolutely safe and practical means of transaction, bitcoin is!! Actually there are many places where bitcoin has come to be recognized as a legal tender. And then there are many reputed multinationals just like SAMSUNG, that are supporting the crypto market in full swing!! SO it is totally ok for people to use crypto coins as payment option. But again the same thing, that cryptos are still not a legal tender in most of the countries!

[Snyderfx2]

I is very practical than we think because there are so many facilities that bitcoin network provide for its users like security, fast transaction speed and other essential once so if it is implemented correctly into payment options in the retail sites or any other business to allow there customers to pay via bitcoin the advantages and benefits that can gain for users and businesses are immense

[Meandros555]

i think transactions are slow..when they make superfast transactions then it be more practical, obviously

[Blanca_Gregory]

Well, bitcoin is very unstable so I'll say it's not that reliable when it comes to being a payment service. It certainly can be used as an alternative payment method, especially for big transactions, but both parties should be able to trust bitcoin completely.

[ribowo76]

Today, I think there are many online shops that accept payment using bitcoin. So no matter how much bitcoin you want to spend, it seems there will be no problem 

[guybrushthreepwood]

Well, bitcoin is very unstable so I'll say it's not that reliable when it comes to being a payment service. It certainly can be used as an alternative payment method, especially for big transactions, but both parties should be able to trust bitcoin completely.

It's volatile, but it isn't really that volatile on a small, hourly level, and often even daily. You're unlikely to lose -- or gain much -- making day to day transactions expect for those anomalies where it falls by hundreds in a day, but those are luckily rare.

i think transactions are slow..when they make superfast transactions then it be more practical, obviously

When was the last time you made a transaction (if you have at all)? Bitcoin is lightning fast these days and payments are practically as good as instant.

[fianaindriati]

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?

indirectly you want to use bitcoin for the sale and purchase of goods. but in my own country the application of bitcoin as a means of payment for purchases of goods has not been established, so it is likely that this is quite difficult for me to conclude.

[Abal Abal]

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?

when you use bitcoin in payment / payment you don't need a third person anymore, then transaction faster and there will be no double transactions, and there is no maximum limit in it.

[rishad quraishi]

It's a good option actually to have a payment option for bitcoin and it's pretty practical. So many online shopping sites a accepting payments via bitcoin and many more is on their way and it's a good way to create a demand and spreading of bitcoin by choosing bitcoin payment option. And I don't think there is any limit to pay via bitcoin. I mean you can pay via bitcoin as much as you want.

[BitFinnese]

Don't think is pratical for everyone but almost , specially with new generation. I am just wondering what happen if someday internet will not work anymore?

I also believe that Bitcoin as payment service is not practical.  One of the reason is the confirmation time. 10 minutes per confirmation is quite long, considering there are lots of blockchain that offers a shorter time of confirmation time.  I believe  if the confirmation stays that long, and Bitcoin is mass adopted, billions of money will be lost during those confirmation time.  (talking about processing of orders).

[NgoLina]

This might not be easily accepted because of its volatility in value, a wild swing in value makes it difficult for small businesses to absorb losses. Again, in countries like USA where the IRS consider crypto as a form of property, triggers a separate tax. Shops like Subway accepted it as payment for meal items but have to go the stress of converting it to be able to use for paying of bills.