Paying with Bitcoin.

[m2017]

So, after reading a thread and realizing that paying with Bitcoin would mean that you'd be paying with future returns,

There is a certain meaning in what has been said. In the sense that if you hols bitcoin in your pockets, it will bring profit in the future, if you spend it now on a purchase as a means of payment. Therefore, I think that in bitcoin the function of a means of payment has been transformed into a means of investment. Therefore, bitcoin owners will be reluctant to spend it.

This also implies that buying goods and services would be faster and easier if more people owned and accepted Bitcoin.

At this stage this is not possible. If more people own (and use) bitcoin, this will put even more strain on the BTC-network, causing transactions to take even longer to complete. Even with the current user base, the mempool is often overloaded.

If Bitcoin was adopted and accepted as a means of exchange in many countries then there would be a huge improvement in various and global economies.

I accept the possibility that countries will accept bitcoin as an investment instrument, but certainly not as a means of payment. No country (except for countries in a desperate situation with a bad economy) will give up the monopoly on printing the national currency. Because due to this they receive an inflation tax. Simply put, it benefits them.
 

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So, I would love to ask and get this confusion over with. Is it ok for you to purchase items with Bitcoin?

It is possible, but the list of goods and services is limited. Also, no one forbids you (yet) to use bitcoin for goods (but doesn't approve either). Still, in every country only the national currency is a legal means of payment for goods and services.

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[Nothingtodo]

Accepting payments through Bitcoin will only be possible when the transaction fees are reduced significantly, but in reality, sometimes Bitcoin transaction fees increase to such an extent that it becomes impossible to accept any payments through Bitcoin. When Bitcoin transaction fees drop, accepting payments in Bitcoin will never be the only business case.

[RockBell]

Despite the fact that, bitcoin is a currency it has higher asset features which is something that we have to align ourselves with and the reason why many bitcoin holders don't want to use bitcoin for payment rather store it as a store of value, and also due to the techenicality of bitcoin, it rather being used to store values rather than a currency.

Although if the receiver who is the seller of the goods or services, is well knowledge about bitcoin and the sender agree to pay with bitcoin, why not, bitcoin transferable features makes that to be very easy to achieve since one can comfortably send any amount from the total balance to the recieving wallet.

So yes bitcoin can be used for payments.

It is better to store it as a value than want to spend it as a currency it will be much better for me as long as I have my money to spend I don't see the reason why I will now be spending my Bitcoin as a currency. bitcoin is an asset with high value, and if you are not lucky if the price is down you might be selling at a low value. even as a holder, I don't think i will sell my Bitcoin for any kind of reason. bitcoin is more sweeter when seen as an asset because if the value of bitcoin is going up you at the same time be making a profit and better ways to get a job and leave your bitcoin there as an asset. and it is more beneficial to the receiver than to the seller. As he is receiving am sure he's not spending it because he knows its value.

And even people in Salvador don't think they will spend more Bitcoin there even as it is seen as a legal tender there and it will even make things easier when there are network issues, bitcoin can feel in.

[Shamm]

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.

It is ok to pay for goods and services with any currency you have available if the seller is willing to accept as a means of payment. Taking bitcoin this special by some people is because it is a digital currency that is yet to be completely legalized globally, and many people also wants its global adoption, if not it is just the same as using your money for payment.

Actually like what you said above mate it's okay to pay Bitcoins for goods and other foods as long as the merchant/seller have Bitcoin too and they posted that they will accept bitcoins then nothing is wrong about you can buy what you want and pay with bitcoins. There's a store here in my country accepting Bitcoins as a mode of payment which pretty good enough if the buyer is also have Bitcoins then they can buy some goods. Maybe in the near future Bitcoin will be accepted in all countries.

[Inwestour]

Actually like what you said above mate it's okay to pay Bitcoins for goods and other foods as long as the merchant/seller have Bitcoin too and they posted that they will accept bitcoins then nothing is wrong about you can buy what you want and pay with bitcoins. There's a store here in my country accepting Bitcoins as a mode of payment which pretty good enough if the buyer is also have Bitcoins then they can buy some goods. Maybe in the near future Bitcoin will be accepted in all countries.

Can Bitcoin become a full-fledged means of payment, does it have enough bandwidth to cover all countries, and what about high commissions? These issues are discussed very often, and I personally came to the conclusion that Bitcoin is an asset, something like digital gold, a good investment, perhaps a good way to save our savings from inflation, but not as a means of payment. In addition, regulation makes everything too difficult for Bitcoin.

[Barikui1]

 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.

Thank you

Yes, because that was his primary purpose of it creation, for it to replace the fiat currencies, but what have really been the issue that it has not actualize it full potential is it lack of adoption world wide.

If Bitcoin have been adopted by all nations, by now the price of it would have skyrocket to a figure we never imagine, but the major disadvantage of using Bitcoin for payment is it high fee's which I think will really be a barrier in it quest for adoptability world wide.

[Blitzboy]

Using Bitcoin to buy things and services is something I recommend because technology makes money easier to handle. Because Bitcoin is decentralized, transfers are streamlined and guided, which gives people who dont have bank accounts new options.

Even though it changes a lot, I see Bitcoin as an investment for the future. Choosing to spend Bitcoin is up to you, just like buying in anything that will go up in value. Balance the opportunity cost with the instant benefits of transactional freedom and efficiency. Bitcoin trades grow the network and turn it into a world currency, which speeds up a revolution in the economy.

Bitcoin is more than just a way to buy things. Its a show of faith in a more open, fair, and transparent financial system. Comparing Bitcoin to gold or land doesnt take fluctuation into account. Its ability to be transferred and divided shows a dedication to a groundbreaking economic link as well as a value exchange in modern deals. Bitcoin supports innovation and financial inclusion for everyone.

[Botnake]

To be honest, right now I don’t have any plans to spend my bitcoin to purchase anything, but most likely in the future when I’ll already gained sufficient amount of bitcoin for my future retirement. I don’t want to hold forever without selling or spending some of my bitcoin, that’s the only way that I can benefit from it and see all my hardwork and patience paid off. However, for now, buying and hodling more bitcoin is still my priority.

[Mr.suevie]

Accepting payments through Bitcoin will only be possible when the transaction fees are reduced significantly, but in reality, sometimes Bitcoin transaction fees increase to such an extent that it becomes impossible to accept any payments through Bitcoin. When Bitcoin transaction fees drop, accepting payments in Bitcoin will never be the only business case.

Currently now that's just the downside of this but although there is a supposed solution to this problem which involves the use of the lightning network to process payment but the only issue is that people don't actually use this that much if not it would have serve as a solution to the high fee when it comes to Bitcoin acceptance for payment.

But truth be told people actually feel better in spending Fiat than Bitcoin because to them every Bitcoin spent might have turn up to build more profits for them so instead they HODL and pay for whatever they want with your normal every day FIAT currency.

[Russlenat]

Bitcoin can be actually used in both, as an investment tool and a currency tool. But because bitcoin has shown consistent significant price increase, majority believe that it would be a more potential investment rather than using it as a currency. Aside from that, only few shop owners accept bitcoin as a payment, so it’s hard to use bitcoin if majority are only accepting fiat as a mode of payment.

However, from my own perspective, I don’t have issues about using bitcoin as a currency, but if you don’t want to lost the present opportunities with bitcoin, use it as an investment first and keep hodling on it until it reaches an all time high, when you have had enough amount of bitcoin, it could be the perfect timing to use some of it as a currency to promote bitcoin in the market as well.

[bettercrypto]

So, after reading a thread and realizing that paying with Bitcoin would mean that you'd be paying with future returns, I went on to research the topic of paying for goods and services with Bitcoin.
Bitcoin is decentralized meaning that it can be transferred to anyone without the interference of intermediate/ central authorities. This also implies that buying goods and services would be faster and easier if more people owned and accepted Bitcoin. If Bitcoin was adopted and accepted as a means of exchange in many countries then there would be a huge improvement in various and global economies.
It'll enable more people to access financial services and knowledge, reduce the rate at which bank charges are being paid, values gotten by sellers will increase rapidly, anonymity and many others. Apart from the loss on the buyers's part, Bitcoin has lots of disadvantages which would be challenges and pose lots of unhealthy risks if adopted.

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.
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.

Thank you

  
You're right in what you said; all of us who hold or buy Bitcoin can do what we want to do, honestly. If you want to do it, you can do it for experience. It's just that in these situations, which is the time of accumulation of Bitcoin in most of the crypto field, we will first put aside the use of Bitcoin as payment in any business that accepts it as payment.

It is even better for now to accumulate it until the time when we need to sell it because we know that we can make a profit from it. It's that simple to do as holders.

[Ben Barubal]

   If you are a holder of bitcoin and you hold a lot of it, maybe somehow it is okay to use it to pay merchants who accept it as payment options. But for the holders who save it to get a profit, they will not do it.

   And for the merchants who will receive Bitcoin payments in their businesses, it is only good when the transaction fee in the bitcoin network is low, but when the fee is high, they will stop it temporarily and will only resume when the fee in the bitcoin network becomes normal again.

[dlightag]

The point you make about Bitcoin as a means of payment is totally accepted and that some of the reasons Bitcoin was being created including good's and service as a part of payment. Hence Bitcoin is created for future price increase and keep increasing as times goes on in the cryptocurrency market ecosystem and the only way to enjoyed Bitcoin asset is to buy and hold for a certain period of time and sell back and be happy at that time regardless of anything, the price will be keep increasing as long Bitcoin halving keep occur every 4years circle of session.

[Gormicsta]

The only reason I believe why bitcoin isn't adopted everywhere is because its centralized nature poses some sort of threat to the government, lawmakers and other centralized authorities. The government is believed to be ontop of all the affairs going on in the country, ranging from the food chain to politics, and this includes t financial system of the country. The government and lawmakers believe they should be in charge and should be aware of all financial transactions that goes on in the country in order for them to ensure the smooth running of the country's economy.
But as we know, the emergence of Bitcoin and its decentralized nature now poses some sort or threat to them, thereby denying them absolute jurisdiction when it comes to making financial decisions that would affect the country, what bitcoin has done is to split that right amongst the citizens of that country, so you wouldn't blame the government and the law makers for frowning again public adoption of bitcoin.

But nonetheless, If Bitcoin is widely adopted and used for daily transactions, it would really come in handy for individuals who enjoy anonymity and privacy, but I don't believe that it will make things more better than using our traditional currencies or banking system. We all know what happened in the past months with bitcoin charges,  the actual reason for the high transaction fee was because more people were exposed to the Bitcoin network and the more people are using the network, the more load the network takes, hence resulting to high transaction fees. So if many people start using the network for daily transactions, I'm afraid same thing might happen again.

Another reason why using Bitcoin for daily transactions would be a good idea is because of Bitcoin's volatile nature, Bitcoin I very volatile and using it for buying goods and other daily transactions may affect the seller and even the buyer too, because you might sell a good worth $100 in Bitcoin today and tomorrow you find out that your $100 has dropped to maybe $50 or even $20. We've seen cases where it has happened, so in a case like that, the seller has made a huge loss in his business. There are other reasons I cannot mention but my point is that if bitcoin is adopted and used for daily transactions, it will be difficult for people.

[Kliss]

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.

It is ok to pay for goods and services with any currency you have available if the seller is willing to accept as a means of payment. Taking bitcoin this special by some people is because it is a digital currency that is yet to be completely legalized globally, and many people also wants its global adoption, if not it is just the same as using your money for payment.

You main question in this aspect is because Bitcoin is a digital currency that have potential of becoming globally accepted, and the amount of bitcoin you are using to pay your goods might worth 10x more its current value that is you are curious and asking why spending the bitcoin instead of fiat, but the truth is that, you can only use what you have to make payment, if you only have bitcoin, then you have no choice than to use the bitcoin you have for payment.


Bitcoin has gained popularity as a form of digital currency, its acceptance as a payment method varies from place to place. Some businesses and online retailers do accept Bitcoin as a form of payment, while others may not. It ultimately depends on the individual or company's preference and their level of comfort with Bitcoin.
One reason why some people might be hesitant to accept Bitcoin is its volatility. The value of Bitcoin can fluctuate significantly, which makes it a bit risky for person or company who prefer more stable forms of payment. Additionally, the transaction speed and fees associated with Bitcoin can sometimes be higher compared to normal payment methods.

That being said, there are certainly advantages to using Bitcoin for purchases. It offers a level of privacy and security that some people find appealing. It also allows for borderless transactions, making it convenient for international purchases. Whether it's okay to purchase items with Bitcoin really depends on the specific circumstances and the preferences of the buyer and seller. It's always a good idea to check with if they accept Bitcoin as a form of payment.

[Su-asa]

The only reason why some many don't use their Bitcoin to pay bills because they want to hold them for long term.
But there is no bad in using your Bitcoin to pay for anything, if we want to assist Bitcoin to spread we shouldn't be skeptical to use it to pay bills as there are no harm in doing it.
Many are using their Bitcoin already, if you really want to know about people who use their Bitcoin everyday just visit the gambling section and read some few discussions you get to understand that they are using Bitcoin to gamble. Gamblers buys Bitcoin everyday and they fund it to their online betting accounts and they gamble with it.
So you don't have to complain when someone's using his coins to buy properties. My friend sold some coins worth $2000 June last year and yesterday he said the amount of coins he sold has increased, then he told me the figures and I shouted because it much expensive now, but he didn't lose anything because he used the money to buy land and the area is now developed, so even if he wants to sell back the land he will not lose anything because the land will be more expensive as the area have developed.

[Nangiconference]

So, after reading a thread and realizing that paying with Bitcoin would mean that you'd be paying with future returns, I went on to research the topic of paying for goods and services with Bitcoin.
Bitcoin is decentralized meaning that it can be transferred to anyone without the interference of intermediate/ central authorities. This also implies that buying goods and services would be faster and easier if more people owned and accepted Bitcoin. If Bitcoin was adopted and accepted as a means of exchange in many countries then there would be a huge improvement in various and global economies.
It'll enable more people to access financial services and knowledge, reduce the rate at which bank charges are being paid, values gotten by sellers will increase rapidly, anonymity and many others. Apart from the loss on the buyers's part, Bitcoin has lots of disadvantages which would be challenges and pose lots of unhealthy risks if adopted.

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.
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.

Thank you

Before drawing to conclusion, you need to ask and know if bitcoin is accepted there for you to use it in place of money. Because by the definition of money, money is anything generally accepted as a medium of payment in exchange for goods and services. Therefore if bitcoin is accepted there, it is ok to purchase items with bitcoin but if it is not then you can not use it for exchange for goods and services.
Although the disadvantages could be a limiting factor to the use of bitcoin.

[Z-tight]

Hence Bitcoin is created for future price increase and keep increasing as times goes on in the cryptocurrency market ecosystem...

BTC was not created as an investment and for the price to make returns for you, BTC was created as a p2p electronic cash that is permissionless and censorship resistant. This is why BTC was created, as a currency that is different from fiat currencies and one that the users can control and use without any third party. BTC is only suitable as an investment because of its growth and demand for the currency which pushes the price high, but take note that BTC will become less volatile in the future.

[AnonBitCoiner]

There is no issue in using of bitcoin for payment of goods but I think that bitcoin is not yet adopted much that you can easily pay bitcoin for buying materials from anybody. For using bitcoin for buying of goods it is necessary that bitcoin should be accepted by everyone and all people should have knowledge about bitcoin because if they don't know about bitcoin then they will not understand its success and will not accept bitcoin as a payment method.

There is a risk that if you sell your bitcoin for other goods then if it increases in worth then you will regret for it but you should also remember that at a same time it can also reduces so you would have buy other goods with affordable price therefore you will not be effected by reducing price of bitcoin then.

[CageMabok]

   If you are a holder of bitcoin and you hold a lot of it, maybe somehow it is okay to use it to pay merchants who accept it as payment options. But for the holders who save it to get a profit, they will not do it.

I also think that it will not always be the same for everyone and it really depends on how someone behaves when they want to pay someone with Bitcoin. Because if we assume that the person paying and the recipient have mutually agreed and have no problem with payment via Bitcoin, I think the payment will still occur even though the amount of Bitcoin is not that much. But it also comes back to the Bitcoin owner, whether he is willing to spend Bitcoin just to pay someone for something. Because as you said, people who are holding Bitcoin for more profit will not do that with Bitcoin and will definitely prefer to do it through fiat only.

   And for the merchants who will receive Bitcoin payments in their businesses, it is only good when the transaction fee in the bitcoin network is low, but when the fee is high, they will stop it temporarily and will only resume when the fee in the bitcoin network becomes normal again.

I don't think this will be a serious problem to think about as long as you can wait for the costs to become cheaper and more reasonable, because the recipient of Bitcoin can also create a new opportunity for himself by receiving Bitcoin and continuing to collect it for his own future. This could be quite possible because considering that Bitcoin still has the potential to increase in price within a certain time so that the trader can also make more profits through Bitcoin apart from through his own merchandise.