[POLL] When Buying Groceries...would you use BTC, GOOG or USD...?

[ducatitalia]

Another good (long) discussion on the topic.

[oceans]

All the bitcoins I have at this moment in time are safely stored away. I tend to use money away from bitcoin for groceries and such at the moment but I would not ever rule out me using bitcoin at some point to buy groceries.

[Este Nuno]

I feel like no one should spend their BTC until we know how high its really gonna go.

Haha

And then on the count of three we all unload them at the same time, right?

[blumangroup]

Just saying, all it takes is someone behind your back to catch your login identifier and password if that's what it would be like. Bitcoin credit card's are just something I can't see happening at all. Why would the world need to use bitcoin to buy groceries anyways?

Bitcoin is much more secure than debit and credit cards.

Nobody with any sense puts more bitcoins on their phone than they would put cash in their wallet.

I would disagree. A credit card has a maximum liability of $50 (generally, but most credit card issuers have $0 liability), while you have the potential of loosing all of your bitcoin when your private keys are compromised.

[izanagi narukami]

well at my country, Bitcoin transaction is still unauthorized.
So i spend it all if i have some.
The other point is bitcoin market is fragile, so i'm afraid the price will drop out without notice

[2good2betrue]

Soon as people can goto woolworths, coles or aldi and start buying there weekly food or groceries this is when much MUCH more spending will occur

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[Possum577]

A new question for the OP - what makes you think a Bitcoin has a future comparable to Google's past performance?

Using Bitcoin as purely an investment undermines the original purpose of Bitcoin, no? It's a currency to be spent for goods and services. As this spending increases the price volatility should settle and as more coins are mined (and supply goes up) the price to USD should go down, right?

[Possum577]

There is no doubt that the ecosystem is growing.  Bitcoin Venture Capital is soaring at rates not seen since the Internet Angel boom in 1994.

Can you cite any sources to support your claim that VC interest is "soaring at rates not seen since 1994"?

[Possum577]

If GOOG was appreciating as much as Bitcoin every year and you could buy things with it, why would you hold fiat?

If you convert every paycheck to bitcoins then that money appreciates before you spend it.

If you do not convert every paycheck then that fiat just loses value until you spend it.

What about the last year? BTC is down over 50% (to USD) from it's high mark within the last 12 months. When you change the size of the frame the picture looks a bit different.

[Lauda]

Well I want to buy them with BTC but sadly it is just not accepted nearby.
I am however on vacation and feel the urge to try paying with BTC here.

[Possum577]

USD? Like 100% of the world uses USD for fiat, right?

Are you sure? The suspense is killing me...what's it going to be? BTC, GOOG, or USD?

[doubleredrolex]

i am saving my BTC, because it will go up in value. BUT if all the stores around me took BTC, then i would be converting my pay checks to BTC and spending them that way. I would use it as my main currency if i could.

[Este Nuno]

i am saving my BTC, because it will go up in value. BUT if all the stores around me took BTC, then i would be converting my pay checks to BTC and spending them that way. I would use it as my main currency if i could.

You could use the Xapo debit card.

They did lie about the whole no fees thing though.

[zimmah]

If I have nothing else to spend, I'm going to spend Bitcoin.  If I have something else to spend.... why hasn't it been converted to Bitcoin already?

why not just pay with bitcoin and if you, for any reason, have some dollars left, than rebuy your bitcoin with those dollars?

[Razick]

I'm happy to buy anything with Bitcoin. I just immediately buy more whenever I spend any. If I spend $50 in BTC, I buy $50 in BTC.

[ducatitalia]

A new question for the OP - what makes you think a Bitcoin has a future comparable to Google's past performance?

Don't believe I ever said it did...I indicated that the values were comparable at that moment in time...and I linked their current valuations.  As the ol' investing disclaimer suggests; past performance is no indicator of future results.

Using Bitcoin as purely an investment undermines the original purpose of Bitcoin, no? It's a currency to be spent for goods and services. As this spending increases the price volatility should settle and as more coins are mined (and supply goes up) the price to USD should go down, right?

It would seem to me that the "purpose of Bitcoin" (and perhaps more importantly the Blockchain) is far from established...and is in fact just beginning to reveal and manifest itself.  No need to preempt possibilities...which at the moment are rather exponential.   

There is no doubt that the ecosystem is growing.  Bitcoin Venture Capital is soaring at rates not seen since the Internet Angel boom in 1994.

Can you cite any sources to support your claim that VC interest is "soaring at rates not seen since 1994"?

Got about 100 more sources where these came from...not the least of which are Angels I work with around the world...

http://moneymorning.com/2014/06/16/venture-capitalists-are-investing-in-bitcoin-at-the-fastest-pace-to-date/

http://www.coindesk.com/marc-andreessen-balaji-srinivasan-discuss-bitcoin/

http://www.coindesk.com/bitcoin-venture-capital/

https://www.youtube.com/watch?v=D9qJO2tNL3s

If GOOG was appreciating as much as Bitcoin every year and you could buy things with it, why would you hold fiat?

If you convert every paycheck to bitcoins then that money appreciates before you spend it.

If you do not convert every paycheck then that fiat just loses value until you spend it.

What about the last year? BTC is down over 50% (to USD) from it's high mark within the last 12 months. When you change the size of the frame the picture looks a bit different.

Near-term risk is indeed very real, with markets established as they are right now.  I know of quite a few people that have lost quite a bit of fiat on paper since jumping into Bitcoin late last year...much current VC interest is in infrastructure and building the ecosystem and support structures and not in BTC-direct purchases.  The position held by some folks appears to be that Bitcoin appreciates, therefore there is no point in holding fiat, but that is of course...not a guarantee at the moment.  Depreciation of fiat on the other hand...does seem to be a spiraling guarantee.  I recall a time...barely...when dollars would actually buy more overseas from time to time...rather than ever-less.

DeathAndTaxes provided nice bigger-picture perspective on BTC valuation trending...
https://bitcointalk.org/index.php?topic=716258.msg8106799#msg8106799

[ducatitalia]

Based on various recent polls...very scientific I know...it looks as though roughly 80% of users on this forum are either saving all or most of their BTC, while the other 20% are spending most of their BTC.

Take from this what you will...

I would reiterate a version of an initial question posed:  Is Bitcoin ultimately destined to be treated as more of an investment, a currency or something else...?

[ducatitalia]

Seems that the steady 2014 exchange rate declines have caused up to 70% of coins to lay largely dormant this year:

http://www.coindesk.com/analysis-around-70-bitcoins-dormant-least-six-months/

Will be interesting to see what happens next...

[commandrix]

I'd use Bitcoin. I've actually told store owners that accepting Bitcoin can be as easy as taking credit cards with none of the transaction fees they have to put up with when using credit cards. It would be sweet to buy groceries with BTC.