How is Bitcoin useful as a currency if so few services accept it?

[AniviaBtc]

I've done research on bitcoin and I know what it is and how it works, kinda. I've even built a small block chain app.

What I don't understand, and I haven't been able to find the answer to, is if I own some bitcoin, how does that help me buy groceries at the market, or gas for my car? The market I go to doesn't accept bitcoin and neither do the gas stations. If I can't do that, how is bitcoin worth anything to me?

If you cannot find any business accepting Bitcoin in your area, you might want to start it, assuming it is legally accepted in your country. That would attract Bitcoin supporters in your locality and might be imitated by other businesses. Other than that, Bitcoin is actually more acceptable online. Business in the outside world are normally attached to the usual fiat-based payments. You might also be able to use Bitcoin in peer-to-peer transactions.  

Also, how are people supposedly getting rich with bitcoin? I thought it was a currency, where we can buy things. Then I find that it's also a commodity where we can trade it.

The fact that a single bitcoin was approximately equal to a few cents when it first came out, but now is worth tens of thousands, is very troubling.

This currency is just like the rest of the fiat currencies whose value is rising and falling. Moreover, you can also trade fiat currencies just like Bitcoin. The huge difference is that Bitcoin's value is generally appreciating while fiat's value is depreciating. Thus, the very observable rise in Bitcoin's value over time.

That, to me, is not troubling at all. It is much much better than fiat's system.

That's why we need to help bitcoin to achieve and improve its mass adoption just by promoting it in our own country. As the government see its advantages and disadvantages, we will not have a hard time accessing our bitcoin and it will increase the sectors that accepts it. The only reason that the bitcoin has a fewer service is that it is not that popular to some other countries. They don't adapt and seek knowledge about it, they are used to utilize only fiat currency because less hassle and easy to transact. But they don't know that in some circumstances during times like this that Covid-19 is spreading faster, they can use digital currency to have online transactions using bitcoin.

[Latviand]

Bitcoin became useful as an investment, more than being a digital currency I guess. It is true, that the services wherein Bitcoin and other cryptos are being used, are still limited at this moment. But as what I have observed, Bitcoin is mostly used as a form of investment due to its value volatility. Especially at this moment, its market value is low, many people are investing into it because they know, doing so would result to profit in the future once recovery take place. It is a bit confusing at first because Bitcoin and other cryptos are mainly digital currencies meant to be used in online transactions with further convenience compared to other digital currencies due to blockchain technology. But just observe the function of it and other cryptos right now since not all countries are rexognizing it as an official digital currency for online transactions.

Also, how are people supposedly getting rich with bitcoin? I thought it was a currency, where we can buy things. Then I find that it's also a commodity where we can trade it.

Since you just new to bitcoin I recommend to you to see the chart from bitcoin price. Bitcoin was created at 2009 ago and at that time bitcoin didn't have value. But as you can see right now how value bitcoin price is, you can imagine by yourself against it. Also, bitcoin price is so volatile. If you have good analyst about chart and you are a trader before maybe you will gain profit that you want. These thing has been considered by most people who say bitcoin can make you get rich but there is no an instant way you may need more time to reach it.

In short, if Bitcoin would be compared to other digital currencies, it would have many disadvantages, so people made use of the disadvantage in order to come up with something that would benefit them, profit.

[gundala]

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Also, how are people supposedly getting rich with bitcoin? I thought it was a currency, where we can buy things. Then I find that it's also a commodity where we can trade it.
~

This is one of the advantages of bitcoin, multifunction. Although there are many pros and cons, this is a potential that should not be underestimated. Moreover, it's only been a decade, I see this as an evolution in the world of finance, economy, and technology, there will be times when this adoption will be more widespread and beneficial.

[Oasisman]

I've done research on bitcoin and I know what it is and how it works, kinda. I've even built a small block chain app.

What I don't understand, and I haven't been able to find the answer to, is if I own some bitcoin, how does that help me buy groceries at the market, or gas for my car? The market I go to doesn't accept bitcoin and neither do the gas stations. If I can't do that, how is bitcoin worth anything to me?

Convert BTC to your local currency instead?
Bitcoin has yet to have it's global adaption in terms of payment system (primarily, because of it's high volatility nature) . So, the easiest way to use it as an option to pay for something is to convert it to your fiat currency. If that's the only thing that concerns you, then I can say, there's no big deal when you can't use it to your area, at least not from the other countries.

The value of Bitcoin can be found in cryptocurrency market cap and looking at the historical data can definitely makes you realize why Bitcoin can make you rich.

[FlightyPouch]

Right now bitcoin can't shoulder the abilities of the traditional money because it's still in the early adoption stage. If large amount of people, also businesses uses it then maybe you could see some significance.

We've been in that stage for a long time now, it's been more than 10 years. We are not in that early adoption, we are in that stage where we need to stand for it. There are a lot of countries that banned bitcoin and now they are legalizing it for a reason. Volatility is one of the main reasons why people don't want to use it so we just use local exchanges to convert our btcs and use it.

[FanatMonet]

Bitcoin is more likely not a currency that could be paid in enough places, but a way of transferring money from one person to another anywhere in the world. With payment in the role of ordinary money, like fiat, so far everything is pretty bad.

[coupable]

Right now bitcoin can't shoulder the abilities of the traditional money because it's still in the early adoption stage. If large amount of people, also businesses uses it then maybe you could see some significance.

We've been in that stage for a long time now, it's been more than 10 years. We are not in that early adoption, we are in that stage where we need to stand for it. There are a lot of countries that banned bitcoin and now they are legalizing it for a reason. Volatility is one of the main reasons why people don't want to use it so we just use local exchanges to convert our btcs and use it.

In medium to long terms, it's an imaginary idea of crypto replacing fiat difinitly. Just think if we just think to replace just the dollar or the rubble from the global market in its actual condition.
Volatility is the most attractive part that leads people to invest in crypto, however the currency would get more stable by the large adoption. Although, most of people around the globe are satisfied using fiat and don't have any need to use cryptocurrencies .

[FlightyPouch]

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Although, most of people around the globe are satisfied using fiat and don't have any need to use cryptocurrencies .

Well, for now, they are. In this time of the pandemic, more and more transactions will be happening online and people would realize that they also need these kinds of methods to pay online. For now, they will stick to popular mobile payments and there are also applications like Paypal and Paymaya and in the future, it would be crypto currencies.

[mk4]

Although, most of people around the globe are satisfied using fiat and don't have any need to use cryptocurrencies .

True, but it's mostly because they have no idea how fragile the fiat system is to corruption or mismanagement. Of all the people I know personally, and I'm saying this as a fairly social person, I could guarantee that only a very very small minority knows about Venezuela and Zimbabwe's hyperinflation.

[maxreish]

 What I don't understand, and I haven't been able to find the answer to, is if I own some bitcoin, how does that help me buy groceries at the market, or gas for my car? The market I go to doesn't accept bitcoin and neither do the gas stations. If I can't do that, how is bitcoin worth anything to me?

 Look, you have to understand that it is hard to fully accept nee technology, new way of payments. There are few supermarkets, gasoline stations that accept bitcoin as a payment but it isn't widely used as the value of bitcoin tends to flactuate. You couldnt convinced all to spend their bitcoin because they regard it as a store value than spending it as a payment.
 
 

Also, how are people supposedly getting rich with bitcoin? I thought it was a currency, where we can buy things. Then I find that it's also a commodity where we can trade it.
 

 Actually, bitcoin is also considered as a digital investment because of it's volatile characteristics. And to make it clear, it is "cryptocurrency", where you can use it to pay through online payments. We can also trade it. So in an overall, there are so many things we can do with bitcoin. And that's it's advantage.

[Python Master]

Most of Bitcoin payments are executed online. Some few offline stores accept Bitcoin payment but nobody really want to use it because of low speed transaction and high cost. Nobody want to buy a coffee and pay double its price ( sometime each Bitcoin transaction fee costs  equal a coffee). In my country most of online and offline stores accept payment apps and also bank cards with zero fee, and it takes just seconds to execute a transaction.
I like Bitcoin because i can trade and earn on its price movement. It sounds like forex trading but i think it's is exactly like that.

[KrisAlex18]

I've done research on bitcoin and I know what it is and how it works, kinda. I've even built a small block chain app.

What I don't understand, and I haven't been able to find the answer to, is if I own some bitcoin, how does that help me buy groceries at the market, or gas for my car? The market I go to doesn't accept bitcoin and neither do the gas stations. If I can't do that, how is bitcoin worth anything to me?

Also, how are people supposedly myfedloan getting rich with bitcoin? I thought it was a currency, where we can buy things. Then I find that it's also a commodity where we can trade it.

The fact that a single bitcoin was approximately equal to a few cents when it first came out, but now is worth tens of thousands, is very troubling.

Well, there are only some countries that accept using of bitcoin to purchase something on the store, there are countries that accept bitcoin for payment to the tuition, but if your country do not accept bitcoin, then the only thing that you may do to use it is to convert it in your fiat currency, that is the first thing that you may do in your bitcoin, you may use your wallet or any other converting  websites, you may have.

The second thing that you may do to your bitcoin is to invest it, hold it for a while because of what we are facing right now, where COVID-19 is still spreading around the world, it is possible that your country will acknowledge the use of bitcoin, it is good to use different cryptocurrency as of this moment to prevent ourselves interacting with other people.

[OrangeII]

I think it's a matter of regulation. maybe many of us who want to open service like that, but stuck by regulations. In addition, some companies such as Steam have also accepted bitcoin, but for reasons of very fast fluctuation, they have delisted on bitcoin. at this time, I know that many open this service personally. that is, they do service using bitcoin personally.

[xvids]

I've done research on bitcoin and I know what it is and how it works, kinda. I've even built a small block chain app.

What I don't understand, and I haven't been able to find the answer to, is if I own some bitcoin, how does that help me buy groceries at the market, or gas for my car? The market I go to doesn't accept bitcoin and neither do the gas stations. If I can't do that, how is bitcoin worth anything to me?

Also, how are people supposedly myfedloan getting rich with bitcoin? I thought it was a currency, where we can buy things. Then I find that it's also a commodity where we can trade it.

The fact that a single bitcoin was approximately equal to a few cents when it first came out, but now is worth tens of thousands, is very troubling.

Spending crypto directly is real hard right now but it would depend on your location there are some country that already have so many local seller that accepts crypto.
And how could the price of BTC be troubling?
The price depends on the demand but it is true that adaptation have a huge part of it.
If I am not mistaken there is only few big merchant or company that accepts crypto.

[tbterryboy]

You should understand that Bitcoin is still a new currency, for now there are not much stores that are accepting Bitcoin as a payment method and there are also not much people that are making use of it.

You should just wait and moreover it is called a peer-to-peer payment method, so you should only just use it with those of your friends that are making use of it and other people you see that are accepting, if it’s not being accepted at some places you go, that’s not enough reason to dislike it, you should just make use of other payment methods that are being accepted and use Bitcoin where it’s accepted.

[joniboini]

Actually, the 'few' part is debatable. There is a survey that whos a third of small B2B companies accept Bitcoin in Europe[1]. Not to mention there are a lot of major companies that accept Bitcoin as well[2]. On top of that, you can browse from this[3] too. Spending-bitcoin is also a great list (has been mentioned above).

We can list more if you count bitcoin debit/credit card or something similar.

[1] https://www.businesswire.com/news/home/20200115005482/en/HSB-Survey-Finds-One-Third-Small-Businesses-Accept
[2] https://99bitcoins.com/bitcoin/who-accepts/
[3] https://coinmap.org/

[pooya87]

what you are struggling with understanding is the adoption of bitcoin not the nature of bitcoin being a currency. due to bitcoin being new and having a volatile price its adoption as a currency has been small which is why you can't find that many places to spend bitcoin at. and it is also mostly because people who buy bitcoin aren't so willing to spend it, they prefer holding it since its price keeps going up in the long run.

[TheUltraElite]

What I don't understand, and I haven't been able to find the answer to, is if I own some bitcoin, how does that help me buy groceries at the market, or gas for my car? The market I go to doesn't accept bitcoin and neither do the gas stations.

Bitcoin is also illegal to use in some countries. Check online to get list and if your country is among those then you are having no option at hand but to wait for th government to work out something.

If I can't do that, how is bitcoin worth anything to me?

Bitcoin is earned or gifted or minted. So someone had to buy that coin for being able to own that. Since it was sent to you, that moneytary value is your now.

If you mined that coin then the work done by your device to mine it is worth that coin.

Also, how are people supposedly getting rich with bitcoin?

By trading it and speculating its prices. Stop putting in third party links in between words.

I thought it was a currency, where we can buy things. Then I find that it's also a commodity where we can trade it.

Gold can be used as a currency and as a commodity. You can compare with bitcoin.

The fact that a single bitcoin was approximately equal to a few cents when it first came out, but now is worth tens of thousands, is very troubling.

In what sense? Compare this to any other asset which has grown in value over time and suddenly it is no longer troubling.

[CryptoBillboard]

We appreciate Bitcoin as an idea more than as a currency. And I think Bitcoin is still in its infancy to be well-accepted.

[Vishnu.Reang]

There are a few shops that accept Bitcoin as a mode of payment, but the number is not that huge. There are multiple reasons why Bitcoin is not widely being used as a currency. A few of them are as follows:

1. Legal status of Bitcoin is still not clearly defined in many of the countries
2. Bitcoin is not a legal tender in the majority of nations
3. If shops accept Bitcoin as a mode of payment, then they will face complications when they file tax returns
4. The Bitcoin prices are very volatile and this makes accepting BTC payments risky for the merchants
5. Confirmation time can be anywhere from 5 minutes to 50 minutes, and this can cause some difficulty