Would you spend BTC daily in brick and mortar stores?

[master-P]

It depends on their policies regarding BTC payments. Most stores here have a policy of refunding payments in the same form so cash gets refunded with cash, debit with debit, CC with CC. Also, how long I'd have to wait after making the payment. I'm not going to attend around for a few minutes waiting for a payment to go through unless it's something of substantial value.

[1714992308]

1714992308

[phaddie]

It depends on their policies regarding BTC payments. Most stores here have a policy of refunding payments in the same form so cash gets refunded with cash, debit with debit, CC with CC. Also, how long I'd have to wait after making the payment. I'm not going to attend around for a few minutes waiting for a payment to go through unless it's something of substantial value.

I think this is the key issue.  If you went into a coffee shop and had to wait even for 2 confirmations this entire scenario becomes almost silly.  I would love to see stats on the amount of transactions under .01 BTC that were never confirmed after reaching the nodes (so before 1 confirmation).

Phad.

[phaddie]

Why would people choose to spend a better form of money(bitcoin) vs a worse form of money(fiat) given the choice?

People will always get rid of the least desirable thing they hold.

The only spenders of bitcoin will be those earning their incomes in it. ie miners, because it's easier to spend directly then converting into fiat when a merchant accepts btc.

Bitcoiners have a difficult time grasping real life economic concepts.

It is basically an interpretation of Gresham's law.

  This is another good point (well some of it) and basically the point of my project.  I want to determine who/how many are actually walking around with BTC and willing to use it to purchase and who/how many are just using BTC as a form of investment or wealth management. 

 I think for sure miners would like this, eliminate the exchange and just get goods, but someone who has large amount of BTC and is using it to trade and made money would more than likely not have any interest is spending small amount of dinner, milk, or diapers.

  Phad.

[ryanmnercer]

I think this is the key issue.  If you went into a coffee shop and had to wait even for 2 confirmations this entire scenario becomes almost silly.  I would love to see stats on the amount of transactions under .01 BTC that were never confirmed after reaching the nodes (so before 1 confirmation).

Phad.

As BTC becomes more widely accepted though, in theory we should see a lot more nodes popping up... maybe even larger retail stores as well as service providers (stuff like bips and bitpay putting ones up regionally), you'd most likely get other nodes seeing the transaction a lot faster... especially if there are any good breakthroughs in ASICS (more processing power, less energy use) in the near future.

[RodeoX]

I would, and I try to.

Going out to a local restaurant tonight and paying in bitcoin.

[Predatorian]

Why not? If payment with btc will be acceptable i would to use that everywhere.
I hope i future Bitcoin will be more famous and known.

[glendall]

Not so much for me, anytime soon I think.  For the following reasons:

1) I have a hard time spending bitcoin on most 'normal' things I buy. To me bitcoin is much more precious than funny money fiat so I have the tendency to save the bitcoin and spend the cash.

2) Purchasing stuff online with bitcoin is very convenient for me but I haven't set up any sort of phone wallet or anything so cash would be easier for me to use for smaller purchases.

[toxique]

No. A brick and mortar store are not the best way to spend my BTC

[phaddie]

No. A brick and mortar store are not the best way to spend my BTC

  Can you expand on this a bit?  Is it just reduced value?  Or the chance the have to pay taxes?

[aminorex]

I want to determine who/how many are actually walking around with BTC and willing to use it to purchase and who/how many are just using BTC as a form of investment or wealth management. 

I have all of my wealth in bitcoin-related interests.  I keep a couple of coins on my phone at all times, for spending.

someone who has large amount of BTC and is using it to trade and made money would more than likely not have any interest is spending small amount of dinner, milk, or diapers.

It seems obvious to me that, because I hold a substantial amount of bitcoin, therefore it is very strongly in my personal interest to use bitcoin for as many purchases as possible.  The alternative is to use fiat, which only diminishes the value of my bitcoin.  Why would any holder of bitcoin think otherwise?

[aminorex]

Not so much for me, anytime soon I think.  For the following reasons:

1) I have a hard time spending bitcoin on most 'normal' things I buy. To me bitcoin is much more precious than funny money fiat so I have the tendency to save the bitcoin and spend the cash.

2) Purchasing stuff online with bitcoin is very convenient for me but I haven't set up any sort of phone wallet or anything so cash would be easier for me to use for smaller purchases.

If you were rationally self-interested, you would convert your cash to bitcoin before spending.  In an uptrending market you would do it upon receipt.  In a downtrending market you would do it immediately before spend.

[Bonam]

You just need the right bitcoin payment methods available. Someone needs to make a card that works just like a credit/debit card, that you can just swipe through normal card readers, and will transfer BTC from your account to the merchant's account. Of course it'd have to wait for the blockchain confirmations, but if the card was widespread, there would be an implicit assumption by both sides that the confirmations would happen, and there would not be any actual need to wait for them to happen for both parties to consider the transaction concluded.

[boumalo]

You just need the right bitcoin payment methods available. Someone needs to make a card that works just like a credit/debit card, that you can just swipe through normal card readers, and will transfer BTC from your account to the merchant's account. Of course it'd have to wait for the blockchain confirmations, but if the card was widespread, there would be an implicit assumption by both sides that the confirmations would happen, and there would not be any actual need to wait for them to happen for both parties to consider the transaction concluded.

When you pay with your android phone it isn't very complicated, it is even more simple than paying with a plastic card and you don't have to wait for any confirmation when you are paying for a beer because double spending is not that easy to do so the merchant takes the risk

[RodeoX]

Hey, there is a new place in here in Madison Wisconsin that takes BTC. It's called Bandung restaurant and the food is really good. They also have a bar, and there was some crazy band playing traditional Asian instruments. Best of all the prices are low. My wife and I ate for $35. I had my weapon on, so that price is without alcoholic drinks.  But we will certainly be back!
Here is their FB page:
https://www.facebook.com/bandungindonesianrestaurant

[teukon]

  I am doing a project for school and I am trying to determine how many people there are walking around ready and willing to use BTC for some of their everyday expenses.

Be sure to acknowledge sample bias when you report the results of this poll.

[murraypaul]

No, because it offers me no benefit over the existing combination of cash, debit card and credit card.

[BitOnyx]

First of all, they would use it for online services, not restaurant (unless delivery).

[boumalo]

No, because it offers me no benefit over the existing combination of cash, debit card and credit card.

It offers you lower fees and it could work anywhere in the world with the same currency BTC

A currency that doesn't lose its value over time and a currency that is not manipulated

[murraypaul]

No, because it offers me no benefit over the existing combination of cash, debit card and credit card.

It offers you lower fees and it could work anywhere in the world with the same currency BTC.

Nowhere I shop charges different fees depending on whether I use cash, debit or credit card.
So I see no reason to think that a Bitcoin payment would be cheaper than those.
I can use my debit and credit cards anywhere in the world, and being in BTC would only be useful if I was being paid in BTC. Otherwise I have to encur exchange fees to go from fiat->BTC, just as I would from fiat1->fiat2. No advantage there.

[boumalo]

No, because it offers me no benefit over the existing combination of cash, debit card and credit card.

It offers you lower fees and it could work anywhere in the world with the same currency BTC.

Nowhere I shop charges different fees depending on whether I use cash, debit or credit card.
So I see no reason to think that a Bitcoin payment would be cheaper than those.
I can use my debit and credit cards anywhere in the world, and being in BTC would only be useful if I was being paid in BTC. Otherwise I have to encur exchange fees to go from fiat->BTC, just as I would from fiat1->fiat2. No advantage there.

You could be paid in BTC or Gold if most fiat disappear and the merchants pay huge fees to use debit and credit card systems, so you pay them indirectly when you buy