Does anyone actually use Bitcoin to pay for things?

Discussion in 'Alternative Investments' started by cremeegg, Dec 1, 2017.

  1. landlord

    landlord Frequent Poster

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    I don’t even notice the price to be honest. It is a means and ways of realising profit. It is just as easy to use this card as any other card. Coincidently when purchasing something in a local newsagent recently with my Xapo card I asked the girl at the till who I knew quite well if they took Bitcoin there. She knew what it was but said no. I joked “you do now!!”
     
  2. MrEarl

    MrEarl Frequent Poster

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    Hopefully your next joke with that young lady in the shop won't be something along the lines of.....

    Bitcoin: They think it's all over .... Well, it is now :eek:



    ...Jokes aside, interesting card you mentioned there btw !


    .
     
    landlord likes this.
  3. john luc

    john luc Frequent Poster

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    if a Bitcoin is priced at $15,000 how do you pay for a small item costing say $20
     
  4. ant dee

    ant dee Frequent Poster

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    That would be 0.00133333 btc sir. Or 133333 'satoshis', which is the smallest unit of account.
    Each bitcoin is divisible 100 million times, or up to 8 decimal points
     
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  5. MrEarl

    MrEarl Frequent Poster

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    Simple, just break off the bit from a bitcoin ;) :)
     
  6. Merowig

    Merowig Frequent Poster

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    Valid Question I saw on FB: Would Bitcoin be worth anything if drugs were decriminalized, weapons legal to buy anywhere and money laundering non existent?
     
  7. ant dee

    ant dee Frequent Poster

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    This is all thats needed for bitcoin to fail. Is that really failure though?
     
  8. Duke of Marmalade

    Duke of Marmalade Frequent Poster

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    Of course they didn’t actually take BTC. But there is one more reason to add to my list for transacting in BTC, it must impress the girls:rolleyes:
     
  9. tecate

    tecate Frequent Poster

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    Last edited by a moderator: Dec 15, 2017 at 8:15 AM
    Fed up with this 'dark web' nonsense. Firstly, who gives a fiddlers - let people buy what the hell they want and they can deal with Law Enforcement thereafter - that's their problem. All of these people use cash, cars, etc. etc. - are we to ban them too? or tar and feather bitcoin? The idea that more people proportionately use bitcoin for illicit purposes than cash is semantics. A savage amount of cash is used for a multitude of illegal purposes day in, day out. In any event, those dark web people you're talking about (if they're not using usd or euro) are using monero now (given that it is truly anonymous whereas bitcoin isn't.)
     
    Last edited by a moderator: Dec 15, 2017 at 8:15 AM
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  10. Brendan Burgess

    Brendan Burgess Founder

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    Hi tecate

    Sure, criminals use cash, credit cards and other forms of money for their activities. But the vast majority of uses of cash and credit cards was for legitimate purposes.

    The point in this thread is that it doesn't appear that Bitcoin is used for its original purpose very much. The main "practical" use as distinct from speculative use, is for illicit activities.

    So, I would give a fiddlers. One could not ban cash in an attempt to defeat criminals, as it would affect so many other people. But a ban on Bitcoin wouldn't affect anyone other than criminals. I am not suggesting a ban by the way, just pointing it out.

    Brendan
     
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  11. TheBigShort

    TheBigShort Frequent Poster

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  12. Brendan Burgess

    Brendan Burgess Founder

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    Hi Shortie

    This is a Bitcoin company. "The company started a Bitcoin trading and exchange business in May. And next month, it will join the so-called “Bitcoin mining” business – gaining the right to receive new Bitcoins as a reward for helping keep the network secure by approving transactions."

    It will give the employees a choice of whether to receive up $890 a month in Bitcoin

    It will start in February. I guess that Bitcoin will probably still be around then.

    Brendan
     
  13. TheBigShort

    TheBigShort Frequent Poster

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    Yes, it is.

    The topic title is "Does anyone actually use Bitcoin to pay for things?".

    That question has now been answered. And as you point out, it is a bitcoin company. It stands to reason that the company would have faith in bitcoin and effectively practice what it preaches, no?
     
  14. Duke of Marmalade

    Duke of Marmalade Frequent Poster

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    Last edited: Dec 15, 2017 at 11:46 AM
    Boss you are being absolutist again. A bitcoin company in Japan gives its employees the option of being paid in bitcoin. Does that not answer your question?

    But look again - it is not actually giving its employees a salary in BTC. It is still contracting them on salaries denominated in Yen which will be converted to BTC at spot. In fact this is rather damning of BTC. I wonder how many employees would actually accept a salary denominated in BTC at today's price. I have asked arch evangelist fpalb would he work for a salary denominated in BTC. Given his short term prognosis for the exchange rate I presume the answer is "No".
     
    Last edited: Dec 15, 2017 at 11:46 AM
  15. tecate

    tecate Frequent Poster

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    Last edited: Dec 15, 2017 at 12:15 PM
    Sure, Brendan. I take on board the proportionality argument. The reason being that there are several technological impediments to bitcoin payments as it stands right now. Furthermore, the role of government is getting in the way of same. Japan has become the first (and only??) country to officially recognise Bitcoin as a fully fledged currency (as opposed to commodity) since a few months ago. In the direct aftermath of that, a number of high profile chain stores in Japan started to accept bitcoin as a means of payment.

    Bitcoin faces a number of technological issues that is holding it back as a currency right now. In fact, due to the level of transactions, it's regressed in this regard. Validation of transactions has slowed. Cost of transactions has increased. These two factors are the very opposite of how bitcoin was pitched as a currency.

    What people seem to be forgetting is that Bitcoin is being road tested and is being refined and improved in iterations - time after time. I alluded to lightening network. If you have an interest, please google it. It will be a game changer in terms of the application of bitcoin as a currency.

    As regards the proportionality argument, your comparing currencies that are fully matured with a technologically based currency that is still being developed. The scammers will still use it. Bitcoin should be nourished and encouraged. Regulation should be sympathetic as the social good that bitcoin can achieve for society is immense should it be fully realised.

    See above. A ban on bitcoin would stiffle innovation - and if anything, it would encourage scammers to use it all the more.

    USD/GBP/EUR are matured and established currencies. Bitcoin is still being developed. If its given the oxygen and space to do so, it will overcome some of its current shortcomings.

    ps. I have bought goods and services via Bitcoin (and not grey-market goods/services!) although I admit that it is difficult to seek out BTC as a means of payment. Any item on amazon.com/co.uk can be bought using bitcoin by way of purse.io - a convoluted manner to buy - but you get rewarded with cheaper goods than someone that buys directly through amazon with visa/mastercard.
     
    Last edited: Dec 15, 2017 at 12:15 PM
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  16. MrEarl

    MrEarl Frequent Poster

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    House in UK sold for Bitcoins !

    See here
     
  17. Firefly

    Firefly Frequent Poster

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    It's inconvenient isn't it?

    I like your posts in general but that's almost as lame as someone else who said there are plenty more energy users than Ireland/Bitcoin - like that makes it OK or something :rolleyes:

    Of course not. FIAT is used by the vast majority of people for legitimate purposes. I wouldn't ban something just because a tiny proportion use if for illegal purposes.

    I disagree. In fact, if bitcoin wasn't used for illicit purposes there would be very little users of it anywhere...
     
  18. Firefly

    Firefly Frequent Poster

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    Thanks for that. I'll try it in my local over Christmas.."How about a couple of thousand Satoshis for that pint?" :D
     
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  19. Brendan Burgess

    Brendan Burgess Founder

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    Hi Firefly. If I calculate it correctly, it would be around 30,000 Satoshis.

    http://satoshitobitcoin.co/satoshi-to-usd/ 30,000 is $5.63

    Most people have problems with percentages. This would be even more difficult. As I have said before, the very high price is a deterrent to its wider adoption. Dividing a Bitcoin by 20,000 would make more sense because then one, let's call it an iddybiddy, iddybiddy would be worth $1, which people would understand without needing a calculator.

    But maybe by dividing it by 100m instead of 20,000, they were waiting for the price to rise to $100m each. In which case one Satoshi will be worth $1.

    Brendan
     
    cremeegg likes this.
  20. Firefly

    Firefly Frequent Poster

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    Too confusing Brendan, but thanks. I'll stick to paying with the fiver!