Can you use Bitcoin to pay everything online?

[stompix]

Examples, you want to buy banana on the way while driving from a hawker, will you use bitcoin to pay the bananas? Because the way I am looking at it, it is possible but the delay in transfer is the concern here. Bitcoin transfer is not like the bank transfer in which we received instant allert within 2-3 minutes time.

I don't know your definition of a hawker but I  haven't seen that many in intersections carrying a PoS either, so why do we compare banks and credit cards in this situation with Bitcoin?

The point Bitcoin’s trying to make by existing isn’t that it’s gonna be better than the banks.

Bun him!!!  

It is true that paying with bitcoin is often not the most convenient thing to do, at least not for now. Keep in mind that Bitcoin was created only 14 years ago which is a very short amount of time in the grand scheme of things so it will take some time to properly implement low cast and fast bitcoin transfers.

It's no longer the 20 century anymore, Uber is just as old as Bitcoin, Nokia was selling the 5320 in the hundreds of millions,  Stripe didn't exist, and neither was Instagram which I really don't think was that much of a pace forward at all. Things change fast these days, how many were using mobile banking in 2009? We're at 3 billion now!

Besides, we will never be able to "implement" fast bitcoin transaction, and it will take a decade before everyone moves to LN, not because they don't want but because it would be technically impossible to!

You can set a fee that will most likely ensure that your transaction will be in the next block, but that can still take up to 10 minutes to get confirmed,

Block 800805 yesterday evening was late 48 minutes, enough for my next block tx fee to next 6 blocks, and we're talking about weekend!

[m2017]

I don't have bitcoin yet but planning to acquire it. I have been in the forum for sometimes now though I am not regular, but studying whenever I visit the forum. And noticed one thing about bitcoin. Bitcoin is a digital money for trading, payment of goods and others. But what I noticed is that, bitcoin cannot be used to buy and pay some instant services and goods. Examples, you want to buy banana on the way while driving from a hawker, will you use bitcoin to pay the bananas? Because the way I am looking at it, it is possible but the delay in transfer is the concern here. Bitcoin transfer is not like the bank transfer in which we received instant allert within 2-3 minutes time. I know some people will say set the transaction fee high then you can pay whatever you are buying with instant alert. I don't think someone will pay something with BTC and the transaction fee is very high and double the amount you want to pay for the goods.

So I want to know in such situation, what will you do? I am asking this question because bitcoin is a digital currency for exchange of goods and services. I know that there are some services you pay ahead but what of the ones you are buying instant? You just came to the place and you want to buy from the hawker and zoom off, and you are to pay with bitcoin because there is no physical cash in your wallet/pocket/hands. And because of the delay in payment I was thinking that not everything we see can be purchased with bitcoin, is it true?

Bitcoin is digital money, so you can buy digital bananas with it.

For bitcoin transactions within 2-3 minutes you will not overpay x2 the cost of your bananas. The problem with bitcoin is not that no one will pay in bitcoin for goods, but that at the moment there are few sellers of goods (like your bananas) and services willing to accept btc as payment.

I have doubts at all that there will ever come a time when you can buy a cup of coffee with the help of bitcoin. I’ll voice an already hackneyed phrase, it’s like buying a cup of coffee for a bar of gold. Bitcoin has already become disproportionately big that it is unlikely to be used for purchases of small goods. Moreover, btc has been transformed into an investment tool from digital money. This is neither good nor bad, but it just happened and you need to accept it, and not be indignant.

[Franctoshi]

For a highly volatile asset, using it as a currency will not bring any benefit but only add inconvenience.  whereas volatility is great for speculation, why don't we take full advantage of it?

It is a two-way thing, For those using Bitcoin as currency like El Salvador does, the volatility goes in two ways if Bitcoin rises it means more purchasing power while if it falls it means less purchasing power, however, I don't see more pain for someone using it as currency differently than from someone who owns it for investment’s sake. All things being equal.

[tw0.625]

Bitcoin is digital money, so you can buy digital bananas with it.

For bitcoin transactions within 2-3 minutes you will not overpay x2 the cost of your bananas. The problem with bitcoin is not that no one will pay in bitcoin for goods, but that at the moment there are few sellers of goods (like your bananas) and services willing to accept btc as payment.

I have doubts at all that there will ever come a time when you can buy a cup of coffee with the help of bitcoin. I’ll voice an already hackneyed phrase, it’s like buying a cup of coffee for a bar of gold. Bitcoin has already become disproportionately big that it is unlikely to be used for purchases of small goods. Moreover, btc has been transformed into an investment tool from digital money. This is neither good nor bad, but it just happened and you need to accept it, and not be indignant.

Are you sure about 2-3 minutes? Looks like 2-3 seconds.

https://twitter.com/lipa_btc/status/1683405170582114304

[yazher]

Your question is if one can pay use Bitcoin to pay for everything online but then your analogy of paying for a banana on the go doesn't doesn't fit into the question.

Bitcoin is yet to have a 90% adoption rate so not everyone owns or accepts Bitcoin for online payment just yet. And even when it happens in the future not everyone would because some Mom &Pop stores will still be either stuck in the past and refuse to add a new payment option or outright don't want Bitcoin because they don't understand it.

That's right because right now what we have to be happy about is the progress towards those kinds of future because right now we are happy to see the other online store maybe not all are starting to accept bitcoins as means of payment for their products and also services and there will come a time when you can also buy essentials in small stores using bitcoins because finally they know the important of having it and they choose to have it instead of having those fiats that are always losing its value whenever inflation hits them hard.

[Rikafip]

It's no longer the 20 century anymore, Uber is just as old as Bitcoin, Nokia was selling the 5320 in the hundreds of millions,  Stripe didn't exist, and neither was Instagram which I really don't think was that much of a pace forward at all. Things change fast these days, how many were using mobile banking in 2009? We're at 3 billion now!

None of these things is as revolutionary as Bitcoin is and none of them goes against the current system and has so many enemies as Bitcoin has. Given all that, I don't think Bitcoin surprised anyone's (including Satoshi) wildest expectations.

[Asuspawer09]

I don't have bitcoin yet but planning to acquire it. I have been in the forum for sometimes now though I am not regular, but studying whenever I visit the forum. And noticed one thing about bitcoin. Bitcoin is a digital money for trading, payment of goods and others. But what I noticed is that, bitcoin cannot be used to buy and pay some instant services and goods. Examples, you want to buy banana on the way while driving from a hawker, will you use bitcoin to pay the bananas? Because the way I am looking at it, it is possible but the delay in transfer is the concern here. Bitcoin transfer is not like the bank transfer in which we received instant allert within 2-3 minutes time. I know some people will say set the transaction fee high then you can pay whatever you are buying with instant alert. I don't think someone will pay something with BTC and the transaction fee is very high and double the amount you want to pay for the goods.

So I want to know in such situation, what will you do? I am asking this question because bitcoin is a digital currency for exchange of goods and services. I know that there are some services you pay ahead but what of the ones you are buying instant? You just came to the place and you want to buy from the hawker and zoom off, and you are to pay with bitcoin because there is no physical cash in your wallet/pocket/hands. And because of the delay in payment I was thinking that not everything we see can be purchased with bitcoin, is it true?

Bitcoin at the moment is not ready to be used as a currency or use for payment in my opinion, I mean first of all bitcoin was not accepted in a lot of stores nationwide, so there's no way you could pay for everything online or not just using bitcoin, Compared to the past years there are a lot more stores where Bitcoin is already accepted I remember I did create a topic related to small businesses that are already accepting bitcoin and there are only a few, But today there are already a lot of them and Bitcoin is already recognized as well but a lot of companies. But it wasn't just the issue since bitcoin, in my opinion, is not suitable for business, just because of the volatile market price, if you're going to use bitcoin as a payment on your business your just gonna need huge cash for cash flow because if someone pays bitcoin you cant use that amount anymore because it will automatically be invested on bitcoin you cant just sell it anytime because prices could go down easily or vise versa.

For me Bitcoin is just suitable for investment at the moment, but for sure we are going to see a lot of changes on Bitcoin in the future and maybe it will be suitable as a currency that we could use as well on every transactions.

[tw0.625]

Bitcoin at the moment is not ready to be used as a currency or use for payment in my opinion, I mean first of all bitcoin was not accepted in a lot of stores nationwide, so there's no way you could pay for everything online or not just using bitcoin, Compared to the past years there are a lot more stores where Bitcoin is already accepted I remember I did create a topic related to small businesses that are already accepting bitcoin and there are only a few, But today there are already a lot of them and Bitcoin is already recognized as well but a lot of companies. But it wasn't just the issue since bitcoin, in my opinion, is not suitable for business, just because of the volatile market price, if you're going to use bitcoin as a payment on your business your just gonna need huge cash for cash flow because if someone pays bitcoin you cant use that amount anymore because it will automatically be invested on bitcoin you cant just sell it anytime because prices could go down easily or vise versa.

For me Bitcoin is just suitable for investment at the moment, but for sure we are going to see a lot of changes on Bitcoin in the future and maybe it will be suitable as a currency that we could use as well on every transactions.

What?


https://twitter.com/lipa_btc/status/1659482757146324994

[Crypt0Gore]

There is nothing to rush about, the numbers of online stores that are now accepting crypto payment are growing in numbers, almost all big VPN companies now accepts Bitcoin, even the new VPN companies like WhoerNet is now accepting crypto payment, most people living in the UK are using electroneum platform to make payment, it works for those that are living outside the UK, you can use crypto to pay for some Bills and also subscribe to Netflix or buy recharge cards and data, it's only a matter of time, very soon we will have more people in Bitcoin than the past years and this will trigger crypto as means of payment for many businesses.

[Z-tight]

How can you buy everything with bitcoin when not many places accept it as their payment method?  if you are not from el salvador then you will have a lot of trouble using bitcoin instead of fiat for your life. but I agree with you,

Even in El Salvador, most of their population do not use BTC and they don't even understand how to use it, they simply just downloaded the Chivo centralized wallet, got the $30 bonus for the download and that was it for most of them and BTC.

I don't know why op has asked this question, but they don't have to try and pay for everything they buy with BTC, it is a second choice currency and in most situations you will use cash or your debit card for payments, there are even somethings that you can't pay for with your debit card and it has to be cash or nothing. By the way, if you want to spend your BTC's, look for merchants that accept BTC and spend it there.

[Altryist]

Even in El Salvador, most of their population do not use BTC and they don't even understand how to use it, they simply just downloaded the Chivo centralized wallet, got the $30 bonus for the download and that was it for most of them and BTC.

I don't know why op has asked this question, but they don't have to try and pay for everything they buy with BTC, it is a second choice currency and in most situations you will use cash or your debit card for payments, there are even somethings that you can't pay for with your debit card and it has to be cash or nothing. By the way, if you want to spend your BTC's, look for merchants that accept BTC and spend it there.

Perhaps El Salvador is an example of the fact that bitcoin, even after its adoption as a means of payment at the state level, will not become widely used among the population, but this choice should still be. I think that all options should be available, both cash and bitcoin, and let everyone decide for himself what is more convenient for him, where are smaller feeses. In some cases, it is really more convenient to pay in cash, let this method is also present.

[bitzizzix]

Even in El Salvador, most of their population do not use BTC and they don't even understand how to use it, they simply just downloaded the Chivo centralized wallet, got the $30 bonus for the download and that was it for most of them and BTC.

I don't know why op has asked this question, but they don't have to try and pay for everything they buy with BTC, it is a second choice currency and in most situations you will use cash or your debit card for payments, there are even somethings that you can't pay for with your debit card and it has to be cash or nothing. By the way, if you want to spend your BTC's, look for merchants that accept BTC and spend it there.

Perhaps El Salvador is an example of the fact that bitcoin, even after its adoption as a means of payment at the state level, will not become widely used among the population, but this choice should still be. I think that all options should be available, both cash and bitcoin, and let everyone decide for himself what is more convenient for him, where are smaller feeses. In some cases, it is really more convenient to pay in cash, let this method is also present.

When talking about transactions, legal or other things about the goodness of bitcoin we always point to El Salvador because they were the first country to legalize bitcoin, of course bitcoin can be used like fiat there and can be used as a means of any transaction.
El Salvador will be an example in the future that bitcoin can be used as an alternative means of transaction which I think fiat and bitcoin will go hand in hand without eliminating them. Because it's not easy and it definitely takes a very long time, and it's not certain that we're still around.

[bayu7adi]

Are you sure about 2-3 minutes? Looks like 2-3 seconds.

https://twitter.com/lipa_btc/status/1683405170582114304

I observed that the folks on Twitter are using LN for payments. LN transactions are super speedy! I tried it once, and boy, it was as fast as using a QR Code linked to a local banking service.

But, honestly, I haven't delved deeper into it. Is this LN network a good idea to uphold the fundamental principles of Bitcoin?
Should all Bitcoin users worldwide embrace LN for everyone to conveniently use Bitcoin as a payment tool?

[ZAINmalik75]

Yes you can use Bitcoin to pay everything online unless the other party is accepting Bitcoin and the medium you both parties are using must be matched to make a fast and less expensive transactions. For example, if you are using any centralized exchange then the other party means the hawker must also have the centralized exchange, Let's say if you have Kraken and the owner also have Kraken Exchange.

Then you both could send Funds to each other using mail or ID without any expenses and the transaction will be fast. Secondly, you guys could prefer Lighting network to make fast transaction, if you don't want your transaction to be stuck in the network. Another way is to increase the transaction fee manually to increase the processing priority of your transaction.

[GigaBit]

Even in El Salvador, most of their population do not use BTC and they don't even understand how to use it, they simply just downloaded the Chivo centralized wallet, got the $30 bonus for the download and that was it for most of them and BTC.

I don't know why op has asked this question, but they don't have to try and pay for everything they buy with BTC, it is a second choice currency and in most situations you will use cash or your debit card for payments, there are even somethings that you can't pay for with your debit card and it has to be cash or nothing. By the way, if you want to spend your BTC's, look for merchants that accept BTC and spend it there.

Perhaps El Salvador is an example of the fact that bitcoin, even after its adoption as a means of payment at the state level, will not become widely used among the population, but this choice should still be. I think that all options should be available, both cash and bitcoin, and let everyone decide for himself what is more convenient for him, where are smaller feeses. In some cases, it is really more convenient to pay in cash, let this method is also present.

When talking about transactions, legal or other things about the goodness of bitcoin we always point to El Salvador because they were the first country to legalize bitcoin, of course bitcoin can be used like fiat there and can be used as a means of any transaction.
El Salvador will be an example in the future that bitcoin can be used as an alternative means of transaction which I think fiat and bitcoin will go hand in hand without eliminating them. Because it's not easy and it definitely takes a very long time, and it's not certain that we're still around.

Currently, various products and services are available through Bitcoin. However, its scope will expand further in the future if every country legalizes Bitcoin. Even in countries where there is no legalization, Bitcoin transactions are being accepted in various business establishments, although it cannot be given an official form, but if it is legalized, it will spread quickly. Bitcoin has now become a very popular medium for various online-based products and services. Everyone in El Salvador can now freely trade bitcoins which is not available anywhere else in the world. But people will be interested where they feel comfortable. If you imagine that direction, all kinds of goods and services will be available through Bitcoin in the future.

[Issa56]

Examples, you want to buy banana on the way while driving from a hawker, will you use bitcoin to pay the bananas?

If you can’t use bitcoin to pay banana hawker, then you use your fiat currency, nobody have said that bitcoin will be used for every transaction, bitcoin was created to serve as alternative currency, so in a place where you think you can’t use your bitcoin to pay, then you make use of your fiat currency, and if you think you can pay with your bitcoin, then you make your transaction with it.

Bitcoin transfer is not like the bank transfer in which we received instant allert within 2-3 minutes time.

If am buying banana from a hawker, I won’t even try to make transfer from my bank account, sometimes their is always congestion in bank server which might end up delaying the transaction, sometimes it might even take hours before the transaction will be successful. So do you expect me to stay on the road waiting for the banana seller to receive alert? If am buying banana, then I will rather pay with cash than paying with bitcoin or bank transfer.

So I want to know in such situation, what will you do?

To avoid unnecessary delay, I will just pay with my cash and move, I won’t have to delay myself because if the banana seller those not receive the bitcoin or those not receive alert, then he won’t be releasing the banana for me, so the best option is just to pay with cash.

[Wakate]

For a highly volatile asset, using it as a currency will not bring any benefit but only add inconvenience.  whereas volatility is great for speculation, why don't we take full advantage of it?

It is a two-way thing, For those using Bitcoin as currency like El Salvador does, the volatility goes in two ways if Bitcoin rises it means more purchasing power while if it falls it means less purchasing power, however, I don't see more pain for someone using it as currency differently than from someone who owns it for investment’s sake. All things being equal.

There are people that do many of there transactions using Bitcoin although in a region where Bitcoin is legal and acceptable. There are some regions that have a strict use of Bitcoin or where Bitcoin are illegal to trade. This region will make it difficult for Bitcoin users or investors to use there Bitcoin to buy and trade it online.

The Market is still ranging and that does not halt the use of Bitcoin as a currency. Even though the price is not steady, we can still trade out coins and earn from then depending on what we are looking for or what we want to do with it. There is still time for the market to set a bull trend for significant gain.

[OgNasty]

1. Base-layer bitcoin is slow and can be expensive at times, hence why we have layer-2 solutions being developed — which are networks/channels designed to have cheaper and faster transactions.

2. You obviously can't use bitcoin to pay for everything today because not everyone accepts BTC as payment. A bandaid solution though are bitcoin debit cards — which are quite useful if you're heavy on BTC and if you're fine with AML/KYC.

While you obviously can’t pay for everything online using Bitcoin, and to be honest the amount of things you can buy online with Bitcoin has declined severely over the last decade, you can be sure that there are even less things you can buy with the garbage layer 2 “solution” that is pretty much only used in third world countries that have been bamboozled into thinking it’s a good idea.

[BitcoinPanther]

So I want to know in such situation, what will you do? I am asking this question because bitcoin is a digital currency for exchange of goods and services. I know that there are some services you pay ahead but what of the ones you are buying instant? You just came to the place and you want to buy from the hawker and zoom off, and you are to pay with bitcoin because there is no physical cash in your wallet/pocket/hands. And because of the delay in payment I was thinking that not everything we see can be purchased with bitcoin, is it true?

It is true that not everything we can see online, or not every merchandise online can be paid in Bitcoin.  In order to pay with Bitcoin it should meet some requirement.  First, the merchant must accept Bitcoin, second the person have Bitcoin to spend.  If these two requirement is met then paying in Bitcoin is possible.  Sadly not all merchants are ready to accept Bitcoin, it is not about the delay or whatsoever but the position of the merchant in accepting Bitcoin as payment as indication whether we can pay in Bitcoin or not.

[dothebeats]

Unfortunately no, bitcoin cannot be use to pay for everything. It is kind of ideal though. However, not every merchant accepts bitcoin as a means for payment. Despite the rise of bitcoin users and enjoyers it is still not as widely use and acceptable as other mobile payment transaction and bank transfer and payment.