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Author Topic: [2018-07-27] Only 33% of Bitcoin Payments Used to Purchase Goods, Economic Value  (Read 129 times)
Mikhail 777
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July 29, 2018, 04:19:43 PM
 #21

I think that people are not yet ready to buy something or sell for crypto-currencies. This will all become real when there is not such a strong volostiness as now. Now it's better just to be engaged in speculation as well as doing everything.


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Carlton Banks
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July 29, 2018, 04:52:22 PM
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 #22

I definitely agree with how BTCPay is better in every way and combats gateway centralization, but there are some factors to take into consideration;

# you need a server of yourself to run it or use something like azure, and it requires some level of technical understanding.
# you have to store your coins yourself, and you have to convert your coins to fiat yourself as merchant, which increases the risk of losing value in the process.

A bit of API programming (with the merchant's exchange) deals with the custody aspect, and alot of webshops include a web programmer as a part of the team these days anyway (alot of former web programmers open web based commerce sites as they know they can outcompete businesses without in-house web programmers)

And think of it another way; it's only very independent minded web-store owners that are likely to commit to BTC long-term anyhow. The convergence of that characteristic with people that could and would do the necessary work to use BTC pay is probably pretty high.

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cryptofonia
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July 29, 2018, 05:17:14 PM
 #23

the use of cryptocurrencies for their intended purposes has come into question.  New research suggests that only one-third of transactional activity occurring on the Bitcoin network is related to the purchase of goods or services.

Why does someone waste time posting this type of article? the visa and mastercard do not like crypto for several reasons and one of those reasons is because cryptos are not regulated in many country, so if we do not have  bitcoins debit cards or virtual cards that allow to make purchases using bitcoins, as it would be possible to have many transactions related to the purchase of goods or services? I think nobody should waste time posting this kind of article




I read your thought  "the visa and mastercard do not like crypto for several reasons and one of those reasons is because cryptos are not regulated in many country", maybe we have an opposite situation when we can figure out who block US regulators and US Congress from real consideration of crypto?
RealCoinanalyst23
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July 30, 2018, 01:41:35 AM
 #24

As global investors flock to cryptocurrency as an investment vehicle, the use of cryptocurrencies for their intended purposes has come into question.  New research suggests that only one-third of transactional activity occurring on the Bitcoin network is related to the purchase of goods or services.
Full article on NewsBTC

I am surprised to know that 1/3 of the bitcoin has been used in the real world. It's quite a lot tho.
richardsNY
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July 30, 2018, 07:20:55 PM
 #25

I think that people are not yet ready to buy something or sell for crypto-currencies. This will all become real when there is not such a strong volostiness as now. Now it's better just to be engaged in speculation as well as doing everything.

Better to be engaged in speculation? Definitely not. I noticed this year that more people are actually utilizing Bitcoin as currency, and the few people I know and conduct business with, some times ask me if I don't want to buy anything from them with Bitcoin because they badly want me to pay with it. I have never seen this before and it makes me excited because this is just the beginning. I would gladly pay with Bitcoin for their stuff but I'm not going to buy things that I don't need for the sake of using Bitcoin as currency. Instead I some times give them smaller chunks to experiment with, all to make them feel how powerful Bitcoin is.
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July 30, 2018, 07:34:01 PM
 #26

As global investors flock to cryptocurrency as an investment vehicle, the use of cryptocurrencies for their intended purposes has come into question.  New research suggests that only one-third of transactional activity occurring on the Bitcoin network is related to the purchase of goods or services.
Full article on NewsBTC
In my opinion, the figure of 33 percent of transactions in bitcoin, related to purchases and payment for services rendered, is several times higher. I think that this figure is no more than 10 percent. Bitcoin is now very rarely used as payment for goods and services, and this is its biggest problem. And the problem is so big that it can kill bitcoin.

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timerland
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August 01, 2018, 06:13:36 AM
 #27

I mean, what else would you expect?

Bitcoin is still in its very early adopter phases and right now, we're seeing bitcoin used primarily for speculation purposes. That's definitely true. However, it doesn't mean at all that bitcoin will not be able to fulfill the role of a currency, especially in the future where merchant adoption will increase with time.

I'd say that it's a complete non-issue. If you looked back 2 years you would have found that this percentage was significantly lower with even more speculation going on back then. The lack of merchants accepting bitcoin is the primary reason for this low figure, in my opinion, and merchants will come with time. People need time to realize the flaws of fiat, and the merits of BTC. Doens't happen overnight.

bob_rushford
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August 01, 2018, 10:04:29 AM
 #28

As global investors flock to cryptocurrency as an investment vehicle, the use of cryptocurrencies for their intended purposes has come into question.  New research suggests that only one-third of transactional activity occurring on the Bitcoin network is related to the purchase of goods or services.
Full article on NewsBTC
As of now most countries are developing a crypto friendly environment. Hence its better to wait than to arrive at such studies.
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