Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: Tribalchief on December 23, 2023, 10:23:41 PM
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Good day everyone.
Not too long, i concluded a post that was suppose to be posted, but i changed my mind due to the confusion it might bring. So, i decided to ask it inform of a question instead. The questions are based on two instances.
Here it is...
First instance
Assuming you went to a coffee shop to get a cup of coffee. If the price tag on the coffee says $5 and you choose to pay with crypto...
second instance
Assuming you went to a dealer's shop to purchase a ferrari car worth over $300K...
Question 1
Would you prefer to pay with Bitcoin whose price is about $43K, or you would prefer to pay with a particular coin whose price is about 50cents ?.
Question 2
Give your explanation on why you made such decision.
Question 3
Did you use a reasonable approach in making such decision or it was based on choice ?.
Note: Question 1,2 and 3 are applicable to Instance 1 and 2. Therefore, a total of six(6) answers are required.
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First instance
Assuming you went to a coffee shop to get a cup of coffee. If the price tag on the coffee says $5 and you choose to pay with crypto...
second instance
Assuming you went to a dealer's shop to purchase a ferrari car worth over $300K...
Question 1
Would you prefer to pay with Bitcoin whose price is about $43K, or you would prefer to pay with a particular coin whose price is about 50cents ?.
First instance - Bitcoin, yes,
Second instance - Bitcoin, yes,
Question 2
Give your explanation on why you made such decision.
It is a great way to promote Bitcoin or any other cryptocurrency by adding it as a payment option. As a Bitcoin user, I believe it is a safe and convenient payment option and will use it to show my support. I hope to encourage others in my country to embrace cryptocurrency as well.
Question 3
Did you use a reasonable approach in making such decision or it was based on choice ?.
I just wanted to show my support for business owners who are interested in expanding their payment options. For example, in Boracay, Philippines, there's a local Bitcoin wallet called pouch.ph that's used to pay over 250 local merchants, including hotels, cafes, and stores.
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It is a great way to promote Bitcoin or any other cryptocurrency by adding it as a payment option. As a Bitcoin user, I believe it is a safe and convenient payment option and will use it to show my support. I hope to encourage others in my country to embrace cryptocurrency as well.
Ok. I guess your answers were valid and it shows how well you support the use of bitcoin as a regular means of exchange and financial transactions. But I noticed a particular statement from your reply which says: "I hope to encourage others in my country to embrace cryptocurrency as well."
From the statement above, were you referring cryptocurrency to Bitcoin only, or with the inclusion of other altcoin ?.
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From the statement above, were you referring cryptocurrency to Bitcoin only, or with the inclusion of other altcoin ?.
This includes another altcoin as well. In our country, Bitcoin and other cryptocurrencies are frequently used for illegal activities such as scams and hacking incidents. Due to such incidents, the word "cryptocurrency" has gained a negative connotation among many people who lack sufficient knowledge about it.
For me, if we embrace Bitcoin, we should also include other cryptocurrencies and understand their usage.
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Good day everyone.
Not too long, i concluded a post that was suppose to be posted, but i changed my mind due to the confusion it might bring. So, i decided to ask it inform of a question instead. The questions are based on two instances.
Here it is...
First instance
Assuming you went to a coffee shop to get a cup of coffee. If the price tag on the coffee says $5 and you choose to pay with crypto...
second instance
Assuming you went to a dealer's shop to purchase a ferrari car worth over $300K...
Question 1
Would you prefer to pay with Bitcoin whose price is about $43K, or you would prefer to pay with a particular coin whose price is about 50cents ?.
Question 2
Give your explanation on why you made such decision.
Question 3
Did you use a reasonable approach in making such decision or it was based on choice ?.
Note: Question 1,2 and 3 are applicable to Instance 1 and 2. Therefore, a total of six(6) answers are required.
First instance is impossible due to high fees.
Second instance is reasonable but the question is "do they accept Bitcoin?" And I don't personally like expensive cars because it is liability and the maintenance of course is high.
Question 1: This depends on the availability of the mode of payment in the said dealership.
Question 2: My decisions well of course depends on my personal preferences.
Question 3: For me it was based on my reasonable choice.
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First instance is impossible due to high fees.
Second instance is reasonable but the question is "do they accept Bitcoin?" And I don't personally like expensive cars because it is liability and the maintenance of course is high.
Question 1: This depends on the availability of the mode of payment in the said dealership.
Question 2: My decisions well of course depends on my personal preferences.
Question 3: For me it was based on my reasonable choice.
Interesting. This is a bit different from the reply i got first. The charges for the $5 fee was put into consideration.
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Unfortunately, in my country, Bitcoin cannot be used as a legal payment method, because after all it is regulated that the only means of payment or money is real fiat from my country. So it is not permitted for currencies other than Rupiah in my country, such as dollars, Bitcoin and various types of altcoins. So it looks like I still can't use it for some transaction needs at this time. But who knows for the future. because sometimes the rules can change as time goes by and the times develop.
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It depends on the cryptocurrency payment options that is accepted by the stores.
1. Due to high transaction fee, I will not use bitcoin but altcoins, like usdt or litecoin.
2. I need to spend wisely and make life very easy, because if I keep those bitcoins for 4 years, I will be making a huge profit from my bitcoin investment.
3. Base on reasonable approach.
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Good day everyone.
Not too long, i concluded a post that was suppose to be posted, but i changed my mind due to the confusion it might bring. So, i decided to ask it inform of a question instead. The questions are based on two instances.
Here it is...
First instance
Assuming you went to a coffee shop to get a cup of coffee. If the price tag on the coffee says $5 and you choose to pay with crypto...
second instance
Assuming you went to a dealer's shop to purchase a ferrari car worth over $300K...
If I'm to quote Satoshi's statement from his whitepaper, "Bitcoin was designed as a peer-to-peer digital payment which is censorship resistance" and it's actually through because it has no middle man and nobody can stop the way it works except for the sinusoidal wave of the transaction fees that have been annoying which is making bitcoin from achieving its aims but the mempool has cool down for now, don't now if the spamming resume soon. '
Now to answer your question:
Question 1,2 and 3
Would you prefer to pay with Bitcoin whose price is about $43K, or you would prefer to pay with a particular coin whose price is about 50cents ?.
I will combine questions 1, 2 and 3 together. Instance 1, Paying $5 worth of coffee for Bitcoin might be difficult now because you don't want to pay $4 for a coffee of $5, I will use another payment to fasten the transaction but if it is when the fee is around 2 sats/Vbyte, I will pay with Bitcoin. As for instance 2: The Ferrari, I will do it with Bitcoin to avoid liquidity issues because converting to fiat will take a lot of time.
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What? I can't hear you! You mean spending a whopping $41k to buy a product? Definitely, there are people capable of doing this, but not me.
I can spend from $1k (worth of Bitcoin) down but can't really spend that huge amount; it definitely would be in my cold wallet, to be only sold when the time is really appropriate.
Although, due to the kind of business I do, I have many customers paying with Bitcoin, a huge sum. After receiving their payment, I converted to Fiat to avoid volatility. I have also paid with Bitcoin many times on business grounds, but not in such a large volume as $41k. For the Bitcoin I spend out of my own pocket to purchase an item, it's not also a large volume.
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Good day everyone.
Not too long, i concluded a post that was suppose to be posted, but i changed my mind due to the confusion it might bring. So, i decided to ask it inform of a question instead. The questions are based on two instances.
Here it is...
First instance
Assuming you went to a coffee shop to get a cup of coffee. If the price tag on the coffee says $5 and you choose to pay with crypto...
second instance
Assuming you went to a dealer's shop to purchase a ferrari car worth over $300K...
Question 1
Would you prefer to pay with Bitcoin whose price is about $43K, or you would prefer to pay with a particular coin whose price is about 50cents ?.
Question 2
Give your explanation on why you made such decision.
Question 3
Did you use a reasonable approach in making such decision or it was based on choice ?.
Note: Question 1,2 and 3 are applicable to Instance 1 and 2. Therefore, a total of six(6) answers are required.
So many interesting questions to answer.
We have the Lightning network, I would think that I could use them with transaction costs around 1 cent, meaning high transaction costs on the Bitcoin main net are no longer an issue. I also assume that I have enough both BTC and fiat to pay.
My answer will be for both cases, because the size of the spend does not matter when it comes to financial instruments (BTC and fiat). The only thing I care about is: at that time BTC is in an uptrend or in a downtrend in the cycle I follow.
If BTC is in an uptrend and there are no signs of a reversal: BTC will become more valuable in the future, I will use fiat.
On the contrary, if BTC is about to enter a downtrend: I can use BTC to pay, at least that will help me reduce one step of selling BTC for fiat.
I think everything comes from technical analysis and it is rational, not driven by emotions created by the size of the payout and the convenience of payment.
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Question 1
Would you prefer to pay with Bitcoin whose price is about $43K, or you would prefer to pay with a particular coin whose price is about 50cents ?.
BTC is a payment option and i would not mind using BTC for payment, but i will prefer to use it to purchase cheaper items and commodities, like buying a cup of coffee at a local restaurant or getting a cheap item in the store. I would not use BTC to buy a car, but there are people who have a lot in BTC and they have earned so much BTC overtime, for them it could be easier to spend BTC on expensive commodities like a car.
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All of this is possible for a user like a coffee shop owner or a Ferrari car owner who wants to accept Bitcoin as payment. In each case it is possible to transact through Bitcoin if the opposite party wants to accept the Bitcoin transaction. Bitcoin can be used in all types of transactions and in all cases but I think it is harmful for the buyer to transact through Bitcoin. Harmful reasons for the buyer to transact through Bitcoin Suppose the buyer buys a watch for three hundred dollars and he pays $300 in Bitcoin but the value of Bitcoin increases slightly after he makes the payment, but the seller will benefit from the increase in the value of Bitcoin. Since we have alternative means of payment, it may be a better decision for the buyer to hold bitcoins and transact through alternative means.
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From the statement above, were you referring cryptocurrency to Bitcoin only, or with the inclusion of other altcoin ?.
This includes another altcoin as well. In our country, Bitcoin and other cryptocurrencies are frequently used for illegal activities such as scams and hacking incidents. Due to such incidents, the word "cryptocurrency" has gained a negative connotation among many people who lack sufficient knowledge about it.
For me, if we embrace Bitcoin, we should also include other cryptocurrencies and understand their usage.
You are right people who are new to crypto currency can't trade properly because they don't have enough knowledge about crypto currency. We need to have enough knowledge about crypto currency without enough knowledge we can't trade well. There are many people who just want to earn a lot of money in crypto currency in a very short period of time without understanding anything.
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As an answer to the first question, I would like to say that I personally dislike buying things with crypto currency. The reason I would like to argue is that the value of coins in the crypto world goes up and down making it not a permanent financial transaction or the best medium of investment. In answer to the second question I would like to say that if I had enough money I would never buy a good quality car. Through this I can spend money according to my needs and use the remaining money to help the poor and needy. Also, the transaction of small things through Bitcoin seems very ridiculous to me. I think it is most beneficial to invest and spend on other activities from here.
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Question 1
Would you prefer to pay with Bitcoin whose price is about $43K, or you would prefer to pay with a particular coin whose price is about 50cents ?.
I would prefer to pay with a coin like LiteCoin instead of Bitcoin in that scenario because it's not worth it to pay with Bitcoin on such matter because of the high transactions fees of the market. I;m also sure that such merchants should also accept coins like Lite Coin and stable coins and that's why I would either go with Lite Coin or some Stable coin.
Question 2
Give your explanation on why you made such decision.
I made that decision because I don't want to pay more Bitcoin with those extra fees and would love to go with a coin that may not have high fees. Another reason is that I find Bitcoin more as an asset nowadays then as a payment solution.
Question 3
Did you use a reasonable approach in making such decision or it was based on choice ?.
Of course I have made a reasonable approach rather than making such decision based on my choice. I don't think it's worth it anymore to spend Bitcoin for small transactions. It's way better to use an altcoin for such transactions.
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Question 1
Would you prefer to pay with Bitcoin whose price is about $43K, or you would prefer to pay with a particular coin whose price is about 50cents ?.
I would prefer to pay with a coin like LiteCoin instead of Bitcoin in that scenario because it's not worth it to pay with Bitcoin on such matter because of the high transactions fees of the market. I;m also sure that such merchants should also accept coins like Lite Coin and stable coins and that's why I would either go with Lite Coin or some Stable coin.
Question 2
Give your explanation on why you made such decision.
I made that decision because I don't want to pay more Bitcoin with those extra fees and would love to go with a coin that may not have high fees. Another reason is that I find Bitcoin more as an asset nowadays then as a payment solution.
Question 3
Did you use a reasonable approach in making such decision or it was based on choice ?.
Of course I have made a reasonable approach rather than making such decision based on my choice. I don't think it's worth it anymore to spend Bitcoin for small transactions. It's way better to use an altcoin for such transactions.
What a smart thinking! In addition to its fast transaction speed, Litecoin also offers low transaction fees, making it an excellent choice for payments, as you've mentioned. It would make more sense if businesses create a space where a majority of these cryptocurrencies are accepted, not just Bitcoin.
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What a smart thinking! In addition to its fast transaction speed, Litecoin also offers low transaction fees, making it an excellent choice for payments, as you've mentioned. It would make more sense if businesses create a space where a majority of these cryptocurrencies are accepted, not just Bitcoin.
Thanks for the appreciation, Yeah, LiteCoin offers very low transaction fees as compare to Bitcoin and most of the times the network of LiteCoin is also safe from congestion. Although, I have heard that people are tying to inscribe ordinals on LiteCoin but so far its network hasn't been affected a lot.
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Question 1
Would you prefer to pay with Bitcoin whose price is about $43K, or you would prefer to pay with a particular coin whose price is about 50cents ?.
First instance: Bitcoin
Second instance: Bitcoin
Question 2
Give your explanation on why you made such decision.
First instance: If the merchant bother coin with low base price, i assume they also accept Bitcoin on Lightning Network or sidechain where i can avoid relative high Bitcoin TX fee for $5 coffee.
Second instance: Bitcoin TX fee (on-chain) doesn't really matter when i plan to send $300K. Besides, it'll encourage the seller to continue accept Bitcoin.
Question 3
Did you use a reasonable approach in making such decision or it was based on choice ?.
Mostly based on my choice.
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I never spend my bitcoins in real life like buying coffee with bitcoins, where my identity will be discovered if I have bitcoins, it's too risky and I think it's too much to just buy coffee with btc,
I'd rather buy with fiat
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Unfortunately, in my country, Bitcoin cannot be used as a legal payment method, because after all it is regulated that the only means of payment or money is real fiat from my country. So it is not permitted for currencies other than Rupiah in my country, such as dollars, Bitcoin and various types of altcoins. So it looks like I still can't use it for some transaction needs at this time. But who knows for the future. because sometimes the rules can change as time goes by and the times develop.
I think that our government will not allow that Bitcoin will be able to replace the Rupiah as a currency in daily transactions, because that would disrupt the Rupiah currency and it might cause other problems. But I think that it doesn't really matter that Bitcoin cannot be accepted as legal tender in our country, as long as Bitcoin can still be traded freely on exchanges.
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I never spend my bitcoins in real life like buying coffee with bitcoins, where my identity will be discovered if I have bitcoins, it's too risky and I think it's too much to just buy coffee with btc,
I'd rather buy with fiat
Your country don't allow Bitcoin as payment, it's the reason you never spend Bitcoin to buy coffee. Several countries also same like your country, Crypto just for investment , not for payment. Maybe at yeh coming future crypto especially Bitcoin could be payment method
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I never spend my bitcoins in real life like buying coffee with bitcoins, where my identity will be discovered if I have bitcoins, it's too risky and I think it's too much to just buy coffee with btc,
I'd rather buy with fiat
If your country's government has legalized Bitcoin or Bitcoin currency is in circulation, of course you can buy coffee and tea with Bitcoin currency as much as you like. If you think that you can not drink tea or coffee with your bitcoins, that is your own choice. As the government of our country has not legalized bitcoins, we do not have the option to spend tea and coffee if we want. People in countries where Bitcoin is legal can buy and sell anything they want using Bitcoin currency.
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The major reason for the creation of Bitcoin was to fill the gap of p2p transaction where as it can be used International across all country, but currently the government are fighting again the use of crypto currency, unknown to them that bitcoin can even save them some trouble In the FX market. Just as El Salvador uses Bitcoin as a legal tender for buying and selling, that the dream Satoshi had when he thought of creating Bitcoin. However alone the line the scarcity and limited supply of the coin has made it an asset for investment, and majority of persons prefer staking their Bitcoin for a long period of time so that it'll gain value, while they prefer to use other altcoins for p2p transactions. I prefer using my altcoins toake such payments rather than using my Bitcoin.