Paying with Bitcoin.

[AicecreaME]

Paying with bitcoin has been a thing already a few years back. While it is really good because it promotes alternative payment option especially to those who have crypto coins, the problem lies mostly on limited merchant that offers it. Because let's admit it, the process and fees could be longer and higher compared to using traditional payment options.

Transaction processing time and fees could bring more inconvenience than ease to the users which is a major downside when you pay using bitcoin. Additionally, the volatility of crypto can pose a significant impact on both ends. It needs established and clear guidelines on paying, whether it has to be direct conversion of crypto to fiat, or put a fixed amount whatever the exchange rate may be. I believe it still has a long way to go for this to be well-executed.

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[Fivestar4everMVP]

For me, I will still speak on the hurdles potentially hindering the adoption of bitcoin as a means of payment for goods and services, and this huddle is in the area of bitcoin blockchain fees, most especially when the mempool is congested.

As far as I am concerned, the above have been the major draw back for most people I know personally, who are willing to start accepting bitcoin as Payment for their goods and services, for it one thing to make such payment method available, and it is another thing entirely to find a customer who would want to patronize you and use that payment method.

For me, only ones have I used bitcoin to pay for something I bought, and since then, I have sworn never to do that again, for the $360 worth of bitcoin I spent to purchase an item in 2022 if still in my custody will be worth over $1,500 by now, so for me, atleast for now, bitcoin have become an asset to invest in, and not a currency to be spent on goods and services.

[bestcoins1]

Depending on each person's point of view and regarding purchasing goods using bitcoin, it is fine because currently there are many products that provide payment transactions using bitcoin even though they do not fully accept payments using bitcoin. In fact, many people who use bitcoin as an investment will not use bitcoin as a means of payment because they consider bitcoin to be the best investment asset that can provide large profits in the long term.

If payment for goods using Bitcoin is done face to face between one person and another in real life without any intermediary, I think that is also quite feasible as long as both of them have made certain agreements before carrying out the transaction. But if we look at several other places such as online shops and certain companies that have also created facilities to serve transactions with payments via Bitcoin. This has been fully approved by the buyer of the goods himself by trying to use intermediaries or facilities provided by the company or shop itself.

Another factor is that people have to be connected to the internet every time they make a payment using bitcoin and this definitely requires transaction fees, so some people are more inclined to make payments using the old system which involves fiat currency. Apart from that, each individual may have their own views regarding payments using bitcoin and I prefer to use bitcoin for investment purposes not for payment.

In this case, I will rule out Bitcoin investors who deliberately collect Bitcoin only for investment purposes and never think about using Bitcoin for any payment. Because on the one hand, investors can still rely on fiat to buy the goods they want, so they will only use fiat for any payments without involving Bitcoin, which they consider as a long-term investment asset. Meanwhile, people whose profession is not an investor will certainly be happier considering this as long as the transaction costs are not too large.

And regarding the problem of having to be connected to the internet, I think nowadays almost everyone is often connected to the internet via their smartphone even though that person has never made a transaction with Bitcoin. So this should no longer be seen as a problem because it is very common for everyone to use the internet every day for their own needs.

[BTC_Dragon]

I've actually seen two new BTC ATMs very close to my town, and more small businesses in my area accepting BTC as payment. These services of course are smaller enterprises like carpet cleaning, house cleaning, house repair, plumbing, etc. It's still a positive move forward in my honest opinion. It reminds me of the era when PayPal wasn't as ubiquitous, nor was ordering anything from Amazon. Now people have PayPal debit cards (most trusted websites use it as payment), and we more or less all live off of Amazon orders. I see BTC further integrating into society in a similar manner in the relative future.

[BITCOIN4X]

So, I would love to ask and get this confusion over with. Is it ok for you to purchase items with Bitcoin? If yes or no, please state your reasons so we can all learn from it.

Based on the laws in force in my country, of course I cannot pay for something using bitcoin. Until now, bitcoin is not a legal currency under the laws of my country, bitcoin is only an investment asset that is legal to buy, hold or trade. Of course I can still break the rules and buy something using bitcoin, I just have to accept the consequences of my actions should the government find out later.

So far I'm not willing to break that rule, meaning if I want to buy something then I have to convert my bitcoins to fiat and make a secure transaction. I can use bitcoin as legal currency, but not in my country, maybe in El Salvador or in other countries.

[Asuspawer09]

For some it might be okay to do so since it would just like selling your Bitcoin and then using that money to buy things that you wanted, but on the other hand that just means you are selling your Bitcoin which means that you might be selling it at a lose unless your selling it or your buying it when the market price skyrocket to the moon unlike the price when you bought it. For a time buy it probably wouldn't really hurt, but if you're going to use Bitcoin as your daily payment method for most of things that might not work, considering the fees in the mempool every transaction could potentially cost a huge payment of fee, especially on congested network so using Bitcoin at that time might not be a good idea, also congested network for sure is a problem of Bitcoin since it just limits our transaction if the fees are huge we cannot do any transaction if the transaction is already fee cost is already half of the transaction.

To be honest Bitcoin is not really ready as a digital payment or something that we could use on a daily basis, in my opinion, Bitcoin is great as an investment right now just because of its volatile market price and the potential profit that we might get in the future, it might get better in the future for sure because there are probably going to be a lot of upgrades in the network soon as Bitcoin continues to grow over time, but right now it is still now ready.

[Maslate]

My country has legalized crypto transactions but it can never be used as a legal tender so most likely, bitcoin is still used by many as an investment or trading purposes, but not to pay for goods or services, unless if you convert it into fiat. However, on my part, I have no issues using bitcoin as a payment system since it’s actually designed for it originally, but seeing none of the stores here are accepting bitcoin, then it would be hard for me spend my bitcoin. But paying bitcoin with online purchases might be possible I think.

[wiss19]

You shouldn't see Bitcoin's future returns when you are using it for payment because you will be using its current value for making the payment and that is what matters. I know it doesn't feel good when you are spending your Bitcoins because deep inside you know that the amount of Bitcoins you are using will probably be worth way more than they are right now but you can't do anything about it. You will either need to use Bitcoins or convert them to cash and then use that, either way, you will be using your Bitcoin.

I had sold my Bitcoin holdings in the past when the price of Bitcoin was very low, and I still can't forget that even though I needed funds at that moment and I made good use of my assets but when I think of how much I could have if I had them today, I still feel bad.

[Stalker22]

Bitcoin doesnt technically need to be recognized as legal tender to work as a payment system.  Even if most stores in your area dont take bitcoin yet, there are still ways to use your cryptocurrency.  For instance, you can connect directly with people online who will give you goods and services in exchange for bitcoin through peer-to-peer platforms and  and more online retailers internationally seem to allow bitcoin every day, so online shopping with crypto may open up options.

[mirakal]

I really have future plans to use bitcoin as a currency and use it to buy my needs and wants. But seeing it’s more profitable these days having bitcoin as a long term investment then definitely, I would never lost that chance or miss any chance that will contribute to the growth of my bitcoin collection. But of course, hodling should never be the only option at the end of the day. I know I have to sell them for future profits, or spend them to save some fiat and take advantage while bitcoin is at its high, expensive price which means you can buy a lot even with a small portion of bitcoin.

However, if one decides to use bitcoin as an investment and as a currency at the same time, I guess that will contribute a lot to its bitcoin promotion. Not only you will benefit from it but even the people around that have no idea about bitcoin as a currency. But the only problem is that the shops and stores that are going to accept bitcoin. Because as far as I believe, even store owners don’t see it as a currency but most likely for investment purposes.

[TravelMug]

Bitcoin doesnt technically need to be recognized as legal tender to work as a payment system.  Even if most stores in your area dont take bitcoin yet, there are still ways to use your cryptocurrency.  For instance, you can connect directly with people online who will give you goods and services in exchange for bitcoin through peer-to-peer platforms and  and more online retailers internationally seem to allow bitcoin every day, so online shopping with crypto may open up options.

I think the point is that Satoshi created it as a payment scheme (although it has evolved from that), borderless, doesn't really need any 3rd party in between. Although right now we have some services that acts like that, for a portion to turn our bitcoin->local fiat for our transactions. And it's because the problem with P2P is that the price is really volatile and that what makes online stores, big or small to take that risk and lately removing it as a payment method because of it's nature. But in any case, we can still used it, we can pay someone with our BTC, make online transactions with it without any hitch or problem. And who knows, it could be norm for the future, it Bitcoin will slowly grow, and many individuals will used it as designed.

[peter0425]

Paying with bitcoin has been a thing already a few years back. While it is really good because it promotes alternative payment option especially to those who have crypto coins, the problem lies mostly on limited merchant that offers it. Because let's admit it, the process and fees could be longer and higher compared to using traditional payment options.

it is in the market indeed but the problem is limited stores and establishments that accepts bitcoin so that is the problem ,  this is also the reason why there are only few that manage to experience using crypto as payments.

Transaction processing time and fees could bring more inconvenience than ease to the users which is a major downside when you pay using bitcoin. Additionally, the volatility of crypto can pose a significant impact on both ends. It needs established and clear guidelines on paying, whether it has to be direct conversion of crypto to fiat, or put a fixed amount whatever the exchange rate may be. I believe it still has a long way to go for this to be well-executed.

Yeah that is also one problem now the High transaction fees , how could you pay  small items that needs to pay fees more than the amount of your going to buy.

[Blitzboy]

For some it might be okay to do so since it would just like selling your Bitcoin and then using that money to buy things that you wanted, but on the other hand that just means you are selling your Bitcoin which means that you might be selling it at a lose unless your selling it or your buying it when the market price skyrocket to the moon unlike the price when you bought it. For a time buy it probably wouldn't really hurt, but if you're going to use Bitcoin as your daily payment method for most of things that might not work, considering the fees in the mempool every transaction could potentially cost a huge payment of fee, especially on congested network so using Bitcoin at that time might not be a good idea, also congested network for sure is a problem of Bitcoin since it just limits our transaction if the fees are huge we cannot do any transaction if the transaction is already fee cost is already half of the transaction.

To be honest Bitcoin is not really ready as a digital payment or something that we could use on a daily basis, in my opinion, Bitcoin is great as an investment right now just because of its volatile market price and the potential profit that we might get in the future, it might get better in the future for sure because there are probably going to be a lot of upgrades in the network soon as Bitcoin continues to grow over time, but right now it is still now ready.

True Bitcoin supporter. I support it as digital gold and a hedge against market volatility. Bitcoin isnt part of my financial existence. Huge transaction costs and frequent network congestion make it unsuitable for fast, daily purchases.

My opinion: transferring Bitcoin to fiat for daily spending is smarter currently. Through this method, I avoid excessive costs and unpredictable transaction delays. Practicality and financial efficiency are more important than preventing losses from selling too soon.

My faith in Bitcoin's future and growth remains. With network maturity, my strategies may change. At the moment, I prefer investing in Bitcoin and using currency for daily requirements. It balances costs and delays so I get the most out of my investment.

[The Sceptical Chymist]

After doing my research, I came to realize that this may probably be influenced by personal choices. Because looking at it thoroughly, some people would pay for items using things like Gold, Land, and other assets. But in the eyes of a money literate, that may be totally wrong.

Say what?  Who's a "money literate" and why are you making assumptions about how they think or even care about their assumed opinions?  Also, do you know anyone who's ever paid for anything with gold or real estate?  I sure as hell don't, though it might happen in countries other than my own.

So, I would love to ask and get this confusion over with. Is it ok for you to purchase items with Bitcoin? If yes or no, please state your reasons so we can all learn from it.

There never was any confusion, unless you're referring to your own.  And I suspect you're asking a question that you already know the answer to.  In fact, you did just that in the previous "paragraph" when you mentioned personal choices, because that's what it all comes down to.  There are some people who've got so much bitcoin that it's not going to hit them too hard if they decided to spend some of it on a Tesla for example.  I'd say most of us don't want to take on the opportunity cost of spending it, however, which you alluded to.  Bitcoin might be headed toward a valuation that would make it stupid in hindsight to have spent it....but one never knows where the market is headed, does one?

Pfft.  Spend it if you want.  That's the answer.

[ancafe]

I get Bitcoin's dual role as an investment and a transaction medium. I favor long-term Bitcoin investing. Its not just about the big returns, but also the exhilaration of financial change. Decentralised Bitcoin is the future of money, in my opinion.

Internet access, transaction fees, and novelty are all issues with Bitcoin payments. I also see great potential. The growing acceptance of Bitcoin in many marketplaces shows its adaptability. I support using Bitcoin for transactions whenever possible to integrate this revolutionary money into our daily lives.

Some people have seen Bitcoin as a revolution in the field of payment transactions, although this pattern is not widespread. But for now I still see the opportunity for Bitcoin as an investment asset, not as a means of payment, and this especially applies to investors. Investing in bitcoin in the long term is one step to maintain the value of the currency we own, so that when we try to buy bitcoin the value will actually increase in the future.

Anyone will support the revolution regarding bitcoin as a currency that is integrated like fiat, but this opportunity will still be quite limited for the next few years because people still think fiat is the best choice for now. However people tend to be objective and now it is just an investment asset that can be utilized much more even though we never reject the revolution.

Fiat currency is suitable for daily use. Bitcoin transactions lack their simplicity and stability. But I'll always support Bitcoin. Looking forward to the future of bitcoin integration. Bitcoin symbolizes financial empowerment and innovation, not just investment.

That is the advantage of bitcoin and we can see the adoption process becoming more widespread and this is happening because people are starting to realize the positive impact that it produces. Rejecting progress is not typical of generational development and usually the younger generation will be able to understand that more easily.

[Bitcoin_people]

Buying goods and services with Bitcoin is very easy and any transfer can be done quickly with Bitcoin. There are many places where products are bought and sold through Bitcoin where customers make their payments through Bitcoin and think this will help people to get a lot of returns at a time. Many countries have accepted payment by Bitcoin and there Bitcoin has been validated due to which they have got a lot of financial prosperity. For a country to be financially viable, it is certainly possible to benefit from Bitcoin, but it must be a long-term investment to be financially viable. However, if buyers and sellers implement such a system with Bitcoin, they may lose money at any time but gain both positive and negative aspects. Although the current generation who are there will use bitcoin and they are always improving and they will always buy items with bitcoin and this I also like payment method with bitcoin.

[BALIK]

Buying goods and services with Bitcoin is very easy and any transfer can be done quickly with Bitcoin. There are many places where products are bought and sold through Bitcoin where customers make their payments through Bitcoin and think this will help people to get a lot of returns at a time. Many countries have accepted payment by Bitcoin and there Bitcoin has been validated due to which they have got a lot of financial prosperity. For a country to be financially viable, it is certainly possible to benefit from Bitcoin, but it must be a long-term investment to be financially viable. However, if buyers and sellers implement such a system with Bitcoin, they may lose money at any time but gain both positive and negative aspects. Although the current generation who are there will use bitcoin and they are always improving and they will always buy items with bitcoin and this I also like payment method with bitcoin.

Many countries accept bitcoin payments? Can you tell me which countries use bitcoin as a payment method? Additionally, which countries and how does bitcoin bring financial benefits?

In theory, bitcoin was created as a peer-to-peer currency, but currently, it is only used for speculation and manipulation as a money game. And with a capitalization of less than $1 trillion, how can it have a positive impact on a country's financial economy?

I still believe that bitcoin can become an important asset for countries like gold, but that is in the distant future, not now. Currently, bitcoin has not yet been able to create any major impact on a country's economy, let alone the world.

[BlackBoss_]

Many countries accept bitcoin payments? Can you tell me which countries use bitcoin as a payment method? Additionally, which countries and how does bitcoin bring financial benefits?

Between being legal and being legal tender is different.

With a Legal status, in one nation, you can use Bitcoin without legal issues.
With a Legal tender status, it means Bitcoin is supported by the national government, and every citizens there must accept bitcoin as a payment method. They can not illegally refuse a bitcoin payment from any customer.

https://coin.dance/poli/legality

[LesterD]

Many countries accept bitcoin payments? Can you tell me which countries use bitcoin as a payment method? Additionally, which countries and how does bitcoin bring financial benefits?

I am not sure about all countries, but in our country, there is a place where you can pay with Bitcoin. We have a local wallet that is mostly used for transferring payments. If you have come across a specific thread that talks about Bitcoin payments in Boracay, which is located in our country. According to the thread, there are over 400 merchants in the area that accept Bitcoin as payment. However, from what I know, most of the users who use this payment method are tourists.

[Baki202]

Paying with bitcoin has been a thing already a few years back. While it is really good because it promotes alternative payment option especially to those who have crypto coins, the problem lies mostly on limited merchant that offers it. Because let's admit it, the process and fees could be longer and higher compared to using traditional payment options.

Transaction processing time and fees could bring more inconvenience than ease to the users which is a major downside when you pay using bitcoin. Additionally, the volatility of crypto can pose a significant impact on both ends. It needs established and clear guidelines on paying, whether it has to be direct conversion of crypto to fiat, or put a fixed amount whatever the exchange rate may be. I believe it still has a long way to go for this to be well-executed.

The main distinction between Bitcoin and money is that the former has been accepted by the public for some time now, even in the absence of government support. For this reason, the government is actively opposing Bitcoin, and as long as it remains widely accepted, I fail to see why the government is taking all necessary steps to maintain control over it and extract taxes from its users—activities that they have already begun to carry out. and I love the way it was designed it is your choice to spend it or even keep it as an asset only we all know the purpose of money already.

And I see that having few merchants would have considered a lot of things but if I was a merchant I would be glad to even receive Bitcoin as a payment method because it will favor me I will just be gradually accumulating and the people that pay with money I will use that money to get must of the things needed in the shop. and if it is about the fee there are times that the fees are always low but if the mempool is full then there will be a serious challenge whenever you want to make use of bitcoin. and that is life anything that has advantages at the same time has its disadvantages.