Finally, I Bought Something With Full Payment In Bitcoin.

[Fivestar4everMVP]

This post should have been made some weeks back, But I didn't find time to, i am glad i finally did it.

Ive read from this forum, and even from other sources how people purchase items with payment in Bitcoin, some even claimed to have paid for services like medical bills, school fees, travel documents in Bitcoin, I always wondered how this users get this service providers to accept their payment in Bitcoin even when some of this businesses have not openly or publicly announced that they are accepting Bitcoin payments.

Some weeks back, i.e., in the month of June, I got tired of spending money always on public transportation and decided I will buy a new motor bike to move around with, i managed to get the required amount in fiat which is about $650, i had this money on my bank account and called on 2 of my friends to accompany me to a nearby motor bike dealer.

After discussing and reaching agreement with the dealer, I opted to transfer the agreed amount to the dealers bank account since I don't have fiat cash on me, the dealer wrote down his bank account details and handed it over to me to make the transfer to, I then logged in to my mobile banking app and tried to transfer but I discovered I couldn't, I tried several times but couldn't, I told the dealer and he showed me a nearby bank and asked me to go and withdraw the money, it was a lot of money to withdraw from an ATM, but I still decided to give that a try since i can not transfer, i got to the ATM and discovered I cannot withdraw too, something was definitely wrong with my bank account but why today ?
I got really furious and contacted my bank's customer support through a phone call, after about 15 minutes of waiting, I was connected to a lady, i told her my issue and she said to give her some time to check my account, after about a minute, she began apologizing and asked me to be patient , that the issue with my account will be resolved within 24 hours , "24 HOURS !:o? i shouted, I have an urgent transaction to make right now, how can you tell me to wait 24 hours from now?" She then sad "Sir, we are sorry for the inconvenience, please look for another means of carrying out your transactions for the day till issue with your account is resolved", I got really angry and hang up the call.

I asked the dealer, "what are going to do now?, dealer said maybe I should go and come back tomorrow after issue with my account is sorted by the bank, i cannot afford to go and come back tomorrow because I have an important appointment all through the day, infact, that day was the only spare day i have for that week, if I don't buy this bike today, it means I will have to wait till next week and I cant afford to wait that long, just as i was thinking.....

I looked up and saw a local Bitcoin P2P exchange opposite the dealers shop, then I went straight to the dealer and asked him, "Do you, or rather, will you accept payment for the bike in Bitcoin?", First, he hesitated, and then asked me, " are you into Bitcoin?" i said "yes, what about you?" he said he used to hold some small amount of Bitcoins but sold it and yet to buy again, i then told him, " maybe this is a good opportunity to hold Bitcoin again", after keeping silent for some seconds, he said "Ok, lets do it.

He provided his Bitcoin address, I didn't have Bitcoins worth the amount needed on my personal wallet, I logged into my binance trading account where I was sure I had up to the required amount of Bitcoins needed, i him Bitcoins worth $650, ( though the agreed price was slightly below that), transaction got confirmed in about 5 minutes, he was extremely happy even more than I expected, he wrote the receipt, he signed, I also signed, he handed us the receipt and asked to be my friend on Facebook, i said ok so we exchanged Facebook contact, he handed us the key to my new bike and thanked us so much, he was really excited that I began to wonder the reason for his over joy, then, just as i was shifting the gear of my new bike to zoom off, my mind shifted too, and I realized I just helped a fallen Bitcoiner get back on his feet again, then, I understood his excitements and why he asked to be my friend on Facebook.

Then, ZOOOOM, ZOOOOM ZOOOOM......ZOOOOOOOOOOOO I fired away with this thought in my mind --->"my bank failed me, but Bitcoin came to my rescue"

[NeuroticFish]

"my bank failed me, but Bitcoin came to my rescue"

Nice acquisition and certainly interesting story!
One thing I notice is that you've spent your coins in the middle of the crypto winter, so maybe you will consider buying them back when the bank solves their issues. (However, nfa, please decide for yourself..).

[_act_]

It is not a surprise for me though because I have used bitcoin to purchase online before, what happened was that fiat payment was disabled at that time but I was able to use bitcoin for it and it worked.

One thing I notice is that you've spent your coins in the middle of the crypto winter, so maybe you will consider buying them back when the bank solves their issues. (However, nfa, please decide for yourself..).

Bitcoin price has gone down, it means no two thing than the bull market is still coming to make bitcoin price reach all-time-high. I will not think two times to convert the fiat to bitcoin. I prefer not to use bitcoin directly, I see it more as investment than payment.

[NeuroticFish]

One thing I notice is that you've spent your coins in the middle of the crypto winter, so maybe you will consider buying them back when the bank solves their issues. (However, nfa, please decide for yourself..).

Bitcoin price has gone down, I means mean no two thing that the bull market is still coming to make bitcoin price reach all-time-high. I will not think two times to convert the fiat to bitcoin. I prefer not to use bitcoin directly, I see it more as investment than payment.

Indeed, I also expect - sooner or later - bull market return and new ATH too.
However, I prefer to let people decide for themselves what they do with their money. Even more, there are chances that the bottom is not in yet, so maybe he wants to risk waiting (but the risk may be too big!).
Different people have different mindset. OP has to make his own choices.

[sbrys]

Cool story !

It would have been perfect if you owned the keys before sending it as Binance could have done the same as your bank

Just wanted to make a bad joke sorry

Seems like an awesome bike !

[salad daging]

Cool motorbike, honestly I like this model, but unfortunately in my area there is no such model at the dealer, it's like an old school motorbike that has a classic.

You have reached a good agreement with the dealer and can make payments via bitcoin, this is one simple way without a bank and bitcoin can be the solution, but still I hope that in my country bitcoin can be legalized in any payment it would be really nice I do it.

I tried to buy a motorbike to the dealer but it didn't accept bitcoin because the dealer didn't know what bitcoin was so I was forced to use a local bank to continue the transaction, so for me, transactions with bitcoin and buying goods can only be done by friends who already understand bitcoin his.

[BitMaxz]

You are lucky that he accepts Bitcoin but actually here in my place until now no one knows Bitcoin except the token of Axie infinity.
Even though there are many Bitcoin users here in my country I still don't have the experience to talk to or see anyone who actually uses bitcoin locally.

I agree with others I don't think this is the right time to use Bitcoin and this might be the dip price of Bitcoin and maybe sooner suddenly the price of Bitcoin may increase.
I'm sure you'll regret it later if the price increase and no longer drop.

Is it a Qlink brand I saw it in a motorcycle shop in Nigeria it's around $1500 Brandnew and it seems you bought it at a cheaper price?
So I think you are not at a loss to buy that motorcycle.

[goldkingcoiner]

Thats a nice looking vehicle! Please be sure to drive safely and carefully while wearing protection gear!

I personally do not like motorcycles, to me they look cool but are unnecessarily unsafe. Best to drive a car, ride a bike or just walk :S But everyone has their own tastes in the matter so I won't be a karen about it, lol.

Although you could give it a Bitcoin design  A bit of orange and white paint and voila!

Have fun with your new toy 

[ChrisPop]

Interesting story!

It never happened to me to not be able to make a transaction from my bank account though. Maybe your account is at a lower quality bank. Remember that services provided by banks are pretty similar as a concept, but they do differentiate through customer support, applications, etc.

I'm glad to see Bitcoin was the hero in your story. And may that bike produce you more Bitcoin than you spent on it. Drive safe!

[mk4]

Everytime I read or hear the word "dealer", I automatically think about something else besides the typical person that sells certain typical everyday goods. I think I have a problem.

[hd49728]

Indeed, I also expect - sooner or later - bull market return and new ATH too.
However, I prefer to let people decide for themselves what they do with their money. Even more, there are chances that the bottom is not in yet, so maybe he wants to risk waiting (but the risk may be too big!).

Bull market will return but with the financial recession is looming, it will be harder time ahead of us.

Anyway I have belief in Bitcoin and the four year cycle. Even this time, bear market lasts longer than 2 years, it is not the end of Bitcoin and we will see a new all time high above $69 in future. It can be in 2024 or 2028, I don't care. In next 2 to 6 years, I am going to work for Bitcoin.

You are right too that it is likely bottom is not in yet.

[SatoPrincess]

Not everyone would use their bitcoins to pay for something irl. Congratulations on your new motor bike, you will be able to beat the traffic in your city with this baby. You were lucky the dealer had knowledge of bitcoin, things would have been very difficult for you. Banks can fail you when you need them the most especially during weekends in my country if you ever get a problem with your bank then you’re waiting till Monday morning to get it resolved. Bitcoin is faster seamless method of payment

[Mpamaegbu]

Interesting read, OP. So, bikes are now that expensive in Nigeria? That's almost N400k. Well, let's not even dwell on that now. Back to your experience; I believe it's a win-win situation for you and the seller. You've now scored higher than someone like me who hasn't done a direct Bitcoin exchange for goods. Again, you will always look at that bike beyond what it's. It will continually remind you of your sojourn with Bitcoin. You're the real Most Valuable Player!

Besides, this also brings to the fore how determined Nigerians are with the issue of Bitcoin and the entire crypto space. It's also going to be a plus for this forum creating a real local board for Nigeria. @Theymos, kindly take note.

[Coyster]

Congratulations on both your motorcycle and your maiden use of Bitcoin as a medium of exchange, your story is a pretty interesting one to read, i must say i enjoyed reading it, whilst i might not spend that much Bitcoin on a commodity right now, for obvious reasons, i have to praise you for making a good choice by doing so, and using Bitcoin as an actual currency/money. Prolly somewhere along the line we might not be fascinated anymore when one makes a purchase via bitcoin, because by then it would be a common medium of exchange; your motocycle looks great by the way.

[m2017]

After discussing and reaching agreement with the dealer, I opted to transfer the agreed amount to the dealers bank account since I don't have fiat cash on me, the dealer wrote down his bank account details and handed it over to me to make the transfer to, I then logged in to my mobile banking app and tried to transfer but I discovered I couldn't, I tried several times but couldn't, I told the dealer and he showed me a nearby bank and asked me to go and withdraw the money, it was a lot of money to withdraw from an ATM, but I still decided to give that a try since i can not transfer, i got to the ATM and discovered I cannot withdraw too, something was definitely wrong with my bank account but why today ?
I got really furious and contacted my bank's customer support through a phone call, after about 15 minutes of waiting, I was connected to a lady, i told her my issue and she said to give her some time to check my account, after about a minute, she began apologizing and asked me to be patient , that the issue with my account will be resolved within 24 hours , "24 HOURS !:o? i shouted, I have an urgent transaction to make right now, how can you tell me to wait 24 hours from now?" She then sad "Sir, we are sorry for the inconvenience, please look for another means of carrying out your transactions for the day till issue with your account is resolved", I got really angry and hang up the call.

We can often hear the statement that bitcoin is slow. Ok. As we can see from an excerpt from this story, bank money transfers are nowhere faster, especially when it is very necessary.

I want to draw attention to the fact that the bank doesn't allow you to handle your money at any time. But wait, it's really your money and you own it, if someone else can restrict you from using it?

not your keys cash, not your coins money.

He provided his Bitcoin address, I didn't have Bitcoins worth the amount needed on my personal wallet, I logged into my binance trading account where I was sure I had up to the required amount of Bitcoins needed, i him Bitcoins worth $650, ( though the agreed price was slightly below that), transaction got confirmed in about 5 minutes, he was extremely happy even more than I expected, he wrote the receipt, he signed, I also signed, he handed us the receipt and asked to be my friend on Facebook, i said ok so we exchanged Facebook contact, he handed us the key to my new bike and thanked us so much, he was really excited that I began to wonder the reason for his over joy, then, just as i was shifting the gear of my new bike to zoom off, my mind shifted too, and I realized I just helped a fallen Bitcoiner get back on his feet again, then, I understood his excitements and why he asked to be my friend on Facebook.

Back to the question of bitcoin's speed. Isn't 5 minutes long enough to buy or sell something for bitcoin? During this time, you can just have time to prepare all the papers / documents or a receipt, as in an excerpt from this story.

Do you really need a speed of 10-30 seconds?


P.S.
I read Fivestar4everMVP's story with pleasure and congratulate him on motor bike. I like stories when bitcoin really helped someone and helped out in difficult times.

[Dart18]

First, congratulations to your new bike. Love the color. Sorry, I don't know much about bike brands or motors. 
Second, congratulations again to your first purchase using Bitcoin.
Finally, I wish someday we could experience the same way you did. I have never bought anything physically using Bitcoin or any cryptocurrency. It's sad that some of us may not see it happen just yet until merchants open up that option to pay.
Good story. Ended with both sides happy.

[Jody.Drummer]

Based on the story you tell, here I see a very significant difference. Where the Bank makes you complicated with all the obstacles and rules that hinder the transaction rate, then the solution above appears as another solution, namely making payments with Bitcoin. Luckily the dealer custodian is knowledgeable and has time to interact with Bitcoin.
Seen not from the goods you buy, but from the point of view of inspiration for others that can be an option for how Bitcoin completes fast transactions without long intermediaries.

[Fivestar4everMVP]

"my bank failed me, but Bitcoin came to my rescue"

Nice acquisition and certainly interesting story!

Thank you so much, this motor bike from when I bought it till now have solved a lot of transportation issues for, the stress of trying to catch public transport everyday while going to my business place and while coming back, not to talk of the amount of money I spend every day to and fro, I am really happy now, this have made movement very easy for me.

One thing I notice is that you've spent your coins in the middle of the crypto winter, so maybe you will consider buying them back when the bank solves their issues. (However, nfa, please decide for yourself..).

Haha, Thanks so much for the idea but this I already did immediately I got a message from my bank that the issue have been resolved, it is money I use for trading on Binance, if I don't replace it, then it means I can not trade anymore, and I don't joke with that cus its one of the ways I earn extra money to support my family and my business.  

[OgNasty]

Nice!  If this helps better your life it is no doubt a great purchase.  I nearly made a similar purchase back in 2015 (or somewhere around there).  A member of this forum had a Harley for sale and I wanted it so I made an offer.  I believe he was asking somewhere around 75 BTC and I offered 69 BTC for it.  We haggled a little bit but eventually couldn't come to a deal.  This year I purchased an all electric motorcycle (Sondors Metacycle) for around 0.08 BTC.  I'm glad I got lucky and was able to dodge a bullet there.

[hyudien]

Nice!  If this helps better your life it is no doubt a great purchase.  I nearly made a similar purchase back in 2015 (or somewhere around there).  A member of this forum had a Harley for sale and I wanted it so I made an offer.  I believe he was asking somewhere around 75 BTC and I offered 69 BTC for it.  We haggled a little bit but eventually couldn't come to a deal.  This year I purchased an all electric motorcycle (Sondors Metacycle) for around 0.08 BTC.  I'm glad I got lucky and was able to dodge a bullet there.

unfortunately if the nominal Bitcoin at that time was still an ideal long-term saving, maybe not only one vehicle that you can buy. That's a huge amount and you can buy a private plane, a house and maybe a remote return for private facilities if these days are still saved.

We have almost the same story, the difference is when I offer Bitcoin payment for an old motorbike but the seller is not interested in Bitcoin. After 5 months of paying with fiat, he contacted me and said "my friend sorry why at that time refused Bitcoin payments".