[Short story] How do I use bitcoin as a means of payment!

[Radja Rimba]

Let's talk a little about a real incident that I did with bitcoin in the last 1 month and just processed the payment in the last 7 days. I have an investment of more than 1 bitcoin which is equivalent to $28,500 (estimate) at the time I processed the payment. I bought a plot of land measuring 850M² with a total price of 0.6+ bitcoin or equivalent to IDR 200,000,000 at that time. This didn't happen by chance because I know that the landowner is one of those people who are also bitcoin users. Although bitcoin is not legal tender in my country but I did it without anyone knowing and it is a transaction involving only seller and buyer and so far I have processed this land certificate safely.

I tried to remain undetected making these payments because I knew I would be punished by the government if I announced them. The seller received my bitcoin payment directly to the exchange (from exchange to exchange) and I both signed the receipt that I had prepared as proof of payment written on stamp duty.

This is a real event, I told the seller that he has to convert his bitcoin directly to stablecoin if he doesn't want the money I paid in bitcoins for his land payments to fluctuate. So even though I know bitcoin shouldn't be used as a means of payment in countries that haven't legalized it yet, but it's always a useful option if a buyer and seller reach an agreement.

This is my short story with, so have you ever used bitcoin as a means of payment for the purchase of physical assets like land or anything else?

This story is also the first thread that I created in this forum. It will definitely feel special to me.

[1715458261]

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[NotATether]

Did you also tell the seller to transfer the stablecoins to a non-custodial wallet so that the exchanges cannot close his account on orders from the Indian government, or for whatever other reason?

It is not safe to store that large of a sum of money on exchanges, they could get hacked of their cold storage and they become insolvent and bankrupt after that.

[Charles-Tim]

Is bitcoin totally banned in your country? Or it is just an implicit ban?

If it is an implicit ban, like if it is the central bank in your country that ban it or not totally banned, it can still be a good option for paying for land or goods.

But if it is a total banned, I will advice you not to use bitcoin for such option. Convert the bitcoin to fiat and buy with fiat which your government supports.

Know that bitcoin do not have to be a legal tender before you can use it for payment, as long as it is accepted in a country, it can be used. But also a country can have different rules on how to spend bitcoin in a way the government approves.

Exchange can be hacked, exchange can seize your coins, freeze your account etc. To have full control over your coin, use a noncustododial wallet. For large amount of money, use hardware wallet or any other cold storage wallet.

[Poker Player]

-snip

Your story sounds invented to me to be honest, since you don't mention how the transaction was legally recorded. And the fact that it is in a place where Bitcoin is illegal makes it even stranger.

If I buy a house or land, I have to go to the notary and the property registry where it is documented that I acquired such property, for X money and that the form of payment is such.

Lately I have seen several stories of this style that talk about using Bitcoin as a means of payment and it gives me that at least some of them have more to do with trying to get merit than with a description of reality.

[mk4]

You do know that buying land requires documents and stuff right? And that it's not something you can easily tax evade? As if you're only buying buckets of soil lmao.

Lately I have seen several stories of this style that talk about using Bitcoin as a means of payment and it gives me that at least some of them have more to do with trying to get merit than with a description of reality.

It only takes one such thread to be successful then suddenly everyone's making them lol.

[Pmalek]

Converting Bitcoin to a stablecoin always works out great. Just look at Terra UST and how happy their investors are.
Don't you have to pay tax on the land you bought? You need to provide proof of payment so the government can assess if the land was bought/sold at a fair value. How is that going to work if you purchased the land using a payment method that is considered illegal in your country?  

[Radja Rimba]

Did you also tell the seller to transfer the stablecoins to a non-custodial wallet so that the exchanges cannot close his account on orders from the Indian government, or for whatever other reason?

It is not safe to store that large of a sum of money on exchanges, they could get hacked of their cold storage and they become insolvent and bankrupt after that.

He can still convert it to fiat and withdraw it to his bank account. Rp. 200,000,000 is not much and will be processed as a valid daily withdrawal or approved by our local exchange platform.

Your story sounds invented to me to be honest, since you don't mention how the transaction was legally recorded. And the fact that it is in a place where Bitcoin is illegal makes it even stranger.

You certainly know that bitcoin is no stranger to Indonesia, right? There are several local and international exchanges that I can use as a medium to transfer bitcoins from user to user and if this story is not convincing enough then please ignore this thread. I'm not going to try to convince you, so this is just a fairy tale for a little kid like me.

Lately I have seen several stories of this style that talk about using Bitcoin as a means of payment and it gives me that at least some of them have more to do with trying to get merit than with a description of reality.

Please don't think too much about merit, this is not a thread I created to lure any merit from anyone like you say. This idea exists because this is a discussion forum and I thought it would be more appropriate for me to tell this story to anyone who cares here instead of telling it on social media.

If most forum users have the same thoughts as you, then really every thread created by newbies and low ranking users here is something that would be considered only for merit. So think positive and ignore sentiments that you shouldn't respond to.

You do know that buying land requires documents and stuff right? And that it's not something you can easily tax evade? As if you're only buying buckets of soil lmao.

Of course, the seller has the documents and this sale and purchase transaction is not as complicated as you think. I can still buy land using gold as a means of payment, exchange it for a car or barter for goods equivalent to the value of the land sold. So because I own the bitcoin and the seller accepts the bitcoin then the deal happens. I already have all the necessary documents, so this transaction has been completed.

Is bitcoin totally banned in your country? Or it is just an implicit ban?

Bitcoin is not banned in my country as an investment and trade, the government through its laws only prohibits it as a means of payment.

[Charles-Tim]

Converting Bitcoin to a stablecoin always works out great. Just look at Terra UST and how happy their investors are.

Stable coins have actually misled many people, especially, those algorithmic stable coins that are called  stable coins but they are actually not stable coins because many if them in the past have caused significant loss to investors as the coin thought to be pegged with fiat reduce in price. The last example with such significant loss is UST.

Not only that, also that many of them are centralized, to the extent some can even be freezed on noncustododial wallet. Then why people going for this option when not having full control just like while using fiat. Fiat is far better to be used for holding than stable coins if not holding for long, because if holding for long, fiat will depreciate in price while bitcoin will appreciate.

Edit:

Bitcoin is not banned in my country as an investment and trade, the government through its laws only prohibits it as a means of payment.

Then do not use it for local purchase, it is very risky.

[Radja Rimba]

Then do not use it for local purchase, it is very risky.

I know this is a local purchase even though the buyer and seller have agreed to the payment process, but be aware that bitcoin can be converted directly to fiat instead of me sending fiat directly to their bank account. Another reason why I did it was because I was trying to help him get bitcoin off land payments because it didn't require him to deposit money to the exchange anymore to buy and invest in bitcoin.

[ElmedoRator]

It seems a bit confusing, but everything went well for you. I have never paid BTC with such assets. Usually countries will have different ways of managing asset transactions by value. And I can't freely trade with BTC either, but usually I will convert it to local fiat for easy payment. But one thing that I want to share about the epidemic period when people were isolated at home and couldn't go out to trade or withdraw money, I used to use it to pay people selling marijuana to be able to buy them. as a joke about how to use it, but it is also very pleasant when more people know about BTC and they can use and understand it better about how to buy and sell it.

[Falconer]

This is my short story with, so have you ever used bitcoin as a means of payment for the purchase of physical assets like land or anything else?

No, I will not violate the regulations set by the government. So you shouldn't tell anyone how you use bitcoin as a means of payment in a country that prohibits it as a currency. Especially Indonesia, I emphasize that your actions are violations and you have violated them. So don't do it if you know it's banned because you end up risking a penalty.

There is only one way that is highly recommended if you have bitcoin and want to pay for something in Indonesia, you have to convert it to fiat and make payments safely without dealing with the law. This is the best advice from me, so never deal with the government especially if it is related to money. They can freeze your account and confiscate your assets.

[zasad@]

-snip

Your story sounds invented to me to be honest, since you don't mention how the transaction was legally recorded. And the fact that it is in a place where Bitcoin is illegal makes it even stranger.

If I buy a house or land, I have to go to the notary and the property registry where it is documented that I acquired such property, for X money and that the form of payment is such.

Lately I have seen several stories of this style that talk about using Bitcoin as a means of payment and it gives me that at least some of them have more to do with trying to get merit than with a description of reality.

I can tell you how it happens in Russia. For example, if the transaction amount is less than 3 million rubles or $ 56,000, then to register a real estate or land sale transaction, the inspector only asks the buyer about receiving money. The contract says that payment is in cash, but payment in practice can be in bitcoins and gold and euros and dollars.
If the market price of land or real estate is more than $ 56,000, then a hired expert can conclude that the price of real estate is less than $ 56,000.

[hZti]

You do know that buying land requires documents and stuff right? And that it's not something you can easily tax evade? As if you're only buying buckets of soil lmao.

Of course, the seller has the documents and this sale and purchase transaction is not as complicated as you think. I can still buy land using gold as a means of payment, exchange it for a car or barter for goods equivalent to the value of the land sold. So because I own the bitcoin and the seller accepts the bitcoin then the deal happens. I already have all the necessary documents, so this transaction has been completed.

One problem that could arise from your transaction is that if the seller would go to court and claim you did not pay him for his pice of land you would have a very hard time to proof that you payed him. Even if you could proof it, you would also proof that you would have done something that is illegal in your country also. Still I appreciate that you used bitcoin for its intended purpose, but try to use bitcoin according to your local laws to avoid trouble.

[Jemzx00]

It's great to hear that you were able to used bitcoin as a means of payment for your property however I hope that you didn't at this situation. If crypto transaction is illegal on your country, then are various ways for you to pay the property without getting in trouble, you could've just turned your crypto into fiat then bought the property as documenation and taxes apply on these transactions.

Anyways, as for me, the only transaction where I was able to use bitcoin as a payment was when I was at a mall and there was a Dental Clinic that accepts bitcoin as payment.

[fuguebtc]

Since bitcoin is not legal where you live i think in this case its better to sell your bitcoin and pay with fiat. You're making payments in bitcoin, that's great but when it becomes illegal, it shouldn't be done. Seller converted to stablecoin shortly after, I find buying with bitcoin unnecessary in this case and dangerous for both. Hopefully, the seller has moved all his money out of the centralized exchange by now, because if he is found out, he will be left with nothing.

[Poker Player]

Your story sounds invented to me to be honest, since you don't mention how the transaction was legally recorded. And the fact that it is in a place where Bitcoin is illegal makes it even stranger.

You certainly know that bitcoin is no stranger to Indonesia, right? There are several local and international exchanges that I can use as a medium to transfer bitcoins from user to user and if this story is not convincing enough then please ignore this thread. I'm not going to try to convince you, so this is just a fairy tale for a little kid like me.

I will ignore this thread if I think it is convenient.

What reaffirms to me that I am correct is that your response shows that you are bothered by my remarks and still do not address the main issue: how that transaction is legally recorded in the land registry.

Lately I have seen several stories of this style that talk about using Bitcoin as a means of payment and it gives me that at least some of them have more to do with trying to get merit than with a description of reality.

Please don't think too much about merit, this is not a thread I created to lure any merit from anyone like you say. This idea exists because this is a discussion forum and I thought it would be more appropriate for me to tell this story to anyone who cares here instead of telling it on social media.

If most forum users have the same thoughts as you, then really every thread created by newbies and low ranking users here is something that would be considered only for merit. So think positive and ignore sentiments that you shouldn't respond to.

Same thing, what you are saying here does not answer the main question. And on the other hand, yes, threads created by newbies or junior members with the intention of earning merit by praising the merit system, by praising the higher-ranked members or praising Bitcoin in some way or another are not uncommon.

I give your story a 99.9% chance of being made up.

[uchegod-21]

Don't get upset OP,  but tbh, your story is not coherent in any way. There is no single relationship between the title of the topic and the body. And there is no conclusion that connects with the introduction.  The title is a question of how to use bitcoin as a means of payment, while the body is explaining how you have already made the payment.
Then if the land seller is a bitcoin personality as you said, why advising him to convert the bitcoin to stable coin? He should be aware of what to do with it.
Well, since your topic said of how you bought land with bitcoin, congratulations for using bitcoin to make a purchase.

[_BlackStar]

If most forum users have the same thoughts as you, then really every thread created by newbies and low ranking users here is something that would be considered only for merit. So think positive and ignore sentiments that you shouldn't respond to.

Don't trust anyone online, so maybe that's why @Poker Player and some people don't believe your story. But why should you be angry when not everyone agrees with your story? Don't be silly like that, you shouldn't hesitate to write something you think is right and you are free to say anything in this forum ^{[constructive and not against the rules]} whether you want to get merit or not. So don't be offended.

It's not a new story that people have been using bitcoin as a means of payment so far. So I don't think your transaction really surprised me even though you feel special about it. But wait, I think you need to change the title a bit maybe something like: My first time using bitcoin as a means of payment.

OP, I send merit to you not because I believe or not about your story. But it is the best way to appreciate the way you use bitcoin even though some people may not like it. Congratulations on your payment with bitcoin, it would be nice if more people adopted it.

[BlackHatCoiner]

Avoid using a currency without a legal framework when you buy land, mobile - generally, everything that has to be reported and can't be evaded. How did you compose the documents? Didn't you use a notary? You can't just trade a house with bitcoin, anonymously, unofficially, peer-to-peer.

This is my short story with, so have you ever used bitcoin as a means of payment for the purchase of physical assets like land or anything else?

No. Bitcoin is more useful when you want to buy goods and services from the internet.

[Zlantann]

-snip

Your story sounds invented to me to be honest, since you don't mention how the transaction was legally recorded. And the fact that it is in a place where Bitcoin is illegal makes it even stranger.

If I buy a house or land, I have to go to the notary and the property registry where it is documented that I acquired such property, for X money and that the form of payment is such.

Lately I have seen several stories of this style that talk about using Bitcoin as a means of payment and it gives me that at least some of them have more to do with trying to get merit than with a description of reality.

His story might not be a fabricated one but we can't totally trust people. In my country you don't need to mention how the payment was made before you legally register a landed property. All you need to do is to make the payments in whatever means you and the seller agreed and get a deed or conveyance prepared by a lawyer and the deal would be sealed. The surveyor and lawyer would do all the necessary government registration. The government might trace the payment transactions only if any of the parties is a suspect fraudster or corrupt practice.