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Author Topic: No one ever sells, nor buys anything in BitCoin.. Think this is wrong, read on!  (Read 628 times)
HardFacts
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January 15, 2020, 08:13:28 PM
Last edit: January 16, 2020, 05:18:22 PM by HardFacts
 #1

No one ever buys nor sells anything in Bitcoin:

Stores that claim to " accept " bitcoin are just providing a quick and easy way for you to convert your Bitcoin into US DOLLARS, which is what the store operates on.  All pricing is done in US DOLLARS, the store purchases their stock, pays their bills, and makes deposits into the bank and operates in US Dollars.  Having to convert Bitcoin into US Dollars at every transaction is MORE COSTLY, More Complex, More Time Consuming than just using US Dollars.  Using Bitcoin to pay in a store is NOT the better more efficient payment system that BitCoin initially promised, some stores are just willing to do the extra work, and go to the extra expense to get your business.    SERIOUSLY, could you imagine trying to run a store, and price something in Bitcoin ???   If you are still to dumb to get it read a few examples below:

If I were looking at car's, a they were advertising selling a Toyota Camry for 3 Bitcoins, one day it would be a total bargain, the next day a fair buy, and the next day it might be massively overpriced.

Would you rent an apartment that really operated on Bitcoin, priced  your lease in Bitcoin of 1/2 bitcoin per month ???  That would have been great at the beginning of the year, and you would be evicted and homeless now as the price more than doubled.

How about get your salary paid by BitCoin, lets say in January 2018 you took a salary of 1/10 bitcoin per month.  You would be working for almost nothing a year later.


WISE UP PEOPLE,  realize the difference between using bitcoin as a currency, and converting it t US Dollars to use as a currency  🙈🙈🙈🙈
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January 15, 2020, 08:30:48 PM
 #2

It is realized and understood by everyone here. The pricing are in dollars and converted to bitcoin for payment. Bitcoin should be used as a currency because that's the main feature of it, I don't see anything wrong if merchants are actually converting to dollars after accepting bitcoin because the fees are quite low and it can be transferred everywhere in the world.

They have to convert it because it's either their suppliers doesn't accept bitcoin or they have to pay for other things that don't accept bitcoin. But the most important part is that they are accepting bitcoin and there's a way to convert it on their side.

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January 15, 2020, 08:42:05 PM
 #3

Not exactly an earth shattering insight.

Overstock were keeping some of their income in BTC. Protonmail have kept all of the BTC they've received uncoverted. Plenty of other places won't have a choice. Every expense to put whatever in front of you is costed in fiat with their tiny margin on top.

As for being paid in it, it's the chance you take. Sometimes you win, sometimes you'll lose. People will otherwise convert their fiat back into it so it's much of a muchness.

Everything I've sold for BTC has stayed in BTC. I pay for plenty of things with it too. What they do with it is up to them.

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January 15, 2020, 08:46:05 PM
 #4

As Bitcoin adoption grows, more buyers and sellers may opt to transact in digital currencies, including Bitcoin. This provides many benefits such as ease of transfer, low costs, and decentralized commerce. The vendor may also opt to convert into stablecoin after the sale to further limit Bitcoin's volatility and "lock-in" the value. There are many benefits by not using fiat, especially as it relates to cross-border commerce.

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January 15, 2020, 08:48:53 PM
 #5

Until the day that the marketcap for Bitcoin is deep in the trillions, this will continue to be the case. As gentlemand said, this isn't exactly Earth shattering.

The current situation is completely acceptable given what BTC is presently. If it continuesn to grow, at some point things will be pegged to BTC and until then, using a baseline fiat is more than fine.

You are right that many major institutions that "accept" bitcoin are merely just selling it. That's true. But not all. And the truest BTC fan boys will attempt to use their BTC at establishments where BTC are accepted and forwarded to continue the cycle. Some people out there definitely do this.




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January 15, 2020, 11:11:37 PM
 #6

wrong perception of using bitcoin, there are lot of shops accept bitcoin directly.
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January 15, 2020, 11:36:51 PM
 #7

wrong perception of using bitcoin, there are lot of shops accept bitcoin directly.

You are not the brightest bulb in the room are you 🙈🙈🙈    Of course some shops accept bitcoin directly and instantly convert it into US Dollars when you pay.


What part of all the shops PRICING THEIR GOODS IN US DOLLARS, and NOT BitCoin did you not understand ???   In the end, they are transacting in US Dollars, they simply handle the conversion form Bitcoin To USD for you.

Hard Facts
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January 15, 2020, 11:46:42 PM
 #8

-snip- realize the difference between using bitcoin as a currency, and converting it t US Dollars to use as a currency 
I guess people know it well. They should be smarter after following various discussions about lots of FUDs and uncertainty related to the future of Bitcoin. They must know that Bitcoin is growing and need time to reach its ultimate goal as a global digital currency. Now, since most countries in the world still don't allow it for a legal payment purpose, we still need to convert it. But someday, there is a possibility that Bitcoin can be legalized as a global payment tool around the world.

*We are on the right track and getting closer to the goal. Believe it!  

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January 15, 2020, 11:50:43 PM
 #9

We cant blame those who wants to sell their Bitcoins as soon  as they received it as a payment, its not thier business to keep it, hold it or invest in Bitcoin. Unlike those who are really into Bitcoin who holds it until it reached their target price. I sell some items online for Bitcoin and I dont sell it, its my way of generating BTCs.

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January 16, 2020, 12:23:23 AM
 #10

Don't get too emotional mate, the reality on the ground is that though Satoshi envisioned bitcoin as a payment method its fixed supply does not make it fit so. People prefer holding it as assets of value rather using it as a currency. But there are actually marketplaces that accept bitcoins as payment just that there are not many out there.

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January 16, 2020, 12:33:36 AM
 #11

That is when we can say, OP is quite having a low knowledge about understanding the value of bitcoin, thus, most of his statement relies in the conversion of bictoin to dollar.

OP, it will just take time when you could buy goods at the groceries telling the cashier how much bitcoin it is rsther than thinking how much is it in dollars. We don't have strong adoption yet, but surely in the near future when bitcoin regains more value, price will turn the table for BTC to br the basis.
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January 16, 2020, 12:38:21 AM
 #12

Well, those I consider veteran here in using Bitcoin already knows that. It is just a matter of supply and demand, what goes around comes around. Even if you spent your BTC, convert it to USD, that BTC you sold will also be bought by others so I don't really worry about it. That is why I prefer that BTC works together with fiat so everyone could live in peace.

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January 16, 2020, 12:55:23 AM
 #13

I am a freelancer and I get paid in USD but I immediately convert it to Php. Sometimes the exchange rate fluctuates- so I get more from it, sometimes I get less. The same is with bitcoin, doesn't mean it is not a currency. It does not matter what you do to it after the transaction, you still used it as a currency.
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January 16, 2020, 01:14:42 AM
 #14

While this might be true, the only thing that would make us truly depend solely on Bitcoin and not bother on fiat valuation is true, global adoption with complete separation or abolishment of current fiat standards such as USD. You're argument is agreeable only because until now, we still rely on fiat such as USD to actually know how much a product costs.

But remove USD out of the equation, and you could see an entire economy could run out of Bitcoin monetization, and goods might be priced fix, or there is an economy regulator that would impose tax or price inflation (i.e. an apple costs 1 btc today, but 1.1btc tomorrow because of whatnot). It's the same as USD, less the middlemen, the government that actually knows who you are and what you purchase of.

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January 16, 2020, 01:33:09 AM
 #15

1BTC =1BTC.

Of course if you convert it to fiat you might lose some value along the way. I've been using my BTC to pay my monthly bills, so regardless of what people are saying, I'm going to use it, whatever the circumstances are, to each its own.

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January 16, 2020, 01:59:25 AM
 #16

Really we have to understand that if any shops going to deal with bitcoins they price in fiat currency like USD, euros and more as sell compatible but buyers should pay with bitcoins as rates in fiat money but your point is bitcoin price is not stable if compers to fiat currencies right? it all depends on buyers and sellers, because in fiat currencies also we can see price differences between one country to other countries.

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January 16, 2020, 02:05:11 AM
 #17

at this time maybe bitcoin is still not suitable as a means of payment because its value is very volatile, the shop that accepts bitcoin payments in my opinion the main purpose is not bitcoin,  they only add payment facilities to attract many buyers, so when they receive payment with bitcoin they will immediately convert it to fiat currency, maybe someday if all countries have accepted bitcoin and the price is always stable, bitcoin can be made as a legal payment tool.
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January 16, 2020, 02:12:13 AM
 #18

I do use Bitcoin to pay my bills and other expenses using a third wallet app or buy something from an online store, what the fuck are you saying?  Huh It's the same principle with the dollars but much less volatile. I payed in Bitcoin at a reasonable but at the time that I want to pay for it, I don't care what happens to its price, they have the right to convert or it's just like converting dollars to other currencies like Peso or Pounds.

Of course it is still tied with the world's market price (just what do you think Bitcoin is?). For example, if I pay 0.058 BTC for a new set of computer, it will be valued at 500 dollars or P25,300 which is pretty decent. It's not like Bitcoin will be out of this world's market price just because it is a cryptocurrency. You are confusing people.

Would you rent an apartment that really operated on Bitcoin, priced  your lease in Bitcoin of 1/2 bitcoin per month Huh  That would have been great at the beginning of the year, and you would be evicted and homeless now as the price more than doubled.

Sure, I would be willing to pay in Bitcoin instead when the world have regulated it to the point of stability, it's not like Bitcoin will stay volatile forever.  Roll Eyes

How about get your salary paid by BitCoin

Why not? If it's available and Bitcoin had become a pretty stable currency, then I would be willing to get payed in Bitcoin. I have the choice to convert it or not. It's like working in a freelance website and getting payed in USD. I have the choice to convert it to my currency or not. Every currency fluctuates, Bitcoin is no exception.

WISE UP PEOPLE,  realize the difference between using bitcoin as a currency, and converting it t US Dollars to use as a currency  🙈🙈🙈🙈

It is the same, what are you saying. All the currency are convertable to USD. If people want to convert Bitcoin to USD, It's not like they are tied to Bitcoin alone. It's the same principle with paying Peso to an american shop, I can use Peso in order to buy something and they have the choice to convert it to Peso or not. You are still using a currency that has the same value with the one you are buying.

All currencies are tied with the world market.

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January 16, 2020, 02:26:40 AM
 #19

Old topic, almost as old as Bitcoin itself.

This is one of the reasons why people ask whether Bitcoin is really a viable currency or not. Well, it may not be if the price fluctuation is very significant and is happening all the time. At this stage, Bitcoin is not yet reaching a state in which it will somehow settle down in a more or less stable value. But I guess it will come later on.
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January 16, 2020, 04:34:37 AM
 #20

It's no different from any other speculative asset. You pay someone in gold/silver or stocks/equity in a company, it will also vary wildly in price relative to a more stable asset. It's just part of life and has everything to do with worldwide acceptance, underlying technology and usability. If you believe in those factors for BTC, eventually it will start to actually act like a "normal" fiat currency.




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