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That's because Bitcoin is still today too cumbersome to be used for anything other than speculation and drugs. No one goes to the grocery store thinking "gosh,

by Mahn 9y ago

That's because Bitcoin is still today too cumbersome to be used for anything other than speculation and drugs. No one goes to the grocery store thinking "gosh, I sure wish I could transfer some money to an exchange, buy some BTC, set up a wallet, transfer the BTC, wait for confirmations, scan a QR code to pay, and wait for confirmations again to pay for my groceries". The only people that want this are early early adopters with a large stash that cannot be made liquid easily, but otherwise adoption doesn't seem to be going anywhere besides the existing use cases.

bergie 9y ago
In my neighborhood there are bars that accept Bitcoin. I've paid several dinners with my Android BTC wallet. Quite convenient in a city where you usually can only pay with cash...
- chasing 9y ago
  Which neighborhood are you in?
  - DINKDINK 9y ago
    He's probably in Berlin
- bigtimeidiot 9y ago
  >In my neighborhood there are bars that accept Bitcoin. Something tells me you don't live in Nebraska. >Quite convenient in a city where you usually can only pay with cash... How is it more convenient than cash?
  - DINKDINK 9y ago
    You cannot back up cash You cannot securely send cash across the globe without depositing it into a trusted third party You cannot program physical cash
    - bigtimeidiot 9y ago
      Are you just listing a few random ways that Bitcoin is more convenient than cash? The OP was about spending money at a bar. But okay, here's how cash is more convenient: I can walk outside my office and use this dollar bill at any store anywhere around me. It has apparent value to everyone I will talk to. I don't need the internet. If you need to "program" or "backup" your money, I guess Bitcoin is your medium. No argument there.
- robbiep 9y ago
  Quick question - from someone who hasn't looked at bitcion since it was between 10c and $5 - since your transaction doesn't clear until the block propagates how they handle double spends?
  - aminorex 9y ago
    Double spends are overwhelmingly a theoretical issue. Credit card fraud, on the other hand, is pandemic.
  - akvadrako 9y ago
    The same way that restaurants make sure you pay instead of just leaving the building. It's mostly just not worth the hassle to save a few bucks.
austenallred 9y ago
I've been asked a half dozen times in the past week to send (international) payments via Bitcoin. Not because the receivers are enthusiasts, but because it's the simplest way. There's admittedly a high cost of learning/adoption, but once that is overcome it's not an issue. My guess is that (like most technology) bitcoin will eventually be easy enough to use that we don't have to understand or think about it, the same way I don't really understand how ACH or merchant processing works but I have a credit card.
- 1001101 9y ago
  I remember in 2013 there was a $148M bitcoin transaction. Instantaneous, 0$ in fees, no third-party involved, no currency exchanges. Granted, it was probably just moving money around the same organization's wallets, but that really opened my eyes. [1] Someone described Bitcoin to me as the Internet of money. I'm guessing nobody at ARPA envisioned Facebook, Amazon, Netflix, or Google, but they created a platform upon which that innovation could occur. Bitcoin (or whatever) could be that platform for money. Right now, I can see this being very useful for international remittances, like you have observed, commodity money (serving the role that gold does, as a hedge against currency devaluations, capital controls, etc), and in the informal sector esp. in the third world, where you have smartphones, but maybe not the financial institutions to bank with. [1] https://news.ycombinator.com/item?id=6782290 https://news.ycombinator.com/item?id=6782290
tboyd47 9y ago
I don't think this is accurate. The main use case for Bitcoin seems to be remittances and savings for the rich and middle-class in countries with unstable currencies, not grocery store payments. Compared to USD, it's cumbersome and expensive, but compared to gold or Western Union, it's clearly better.
- chc 9y ago
  Do you really believe more Bitcoin is used for this than evading the law?
  - tboyd47 9y ago
    Do you have any data that prove me wrong?
    - greenshackle2 9y ago
      Do you have any data that prove you right?
      - true_religion 9y ago
        I think that believing people are not criminals is the less extra ordinary case, considering how few people are criminals in the first place. There would have be something extraordinary about bitcoin or the way it was represented to society at large that attracted criminals.
        aminorex 9y ago
        You don't understand how the law works. You are a criminal. In the u.s., for example, that shining city on a hill, it is estimated that a typical adult commits three felonies on an average day.
        aminorex 9y ago
        Hit another nerve I guess. I am good at bringing out the lynch mobs. But it is true: https://www.amazon.com/Three-Felonies-Day-Target-Innocent/dp/1594032556 https://www.amazon.com/Three-Felonies-Day-Target-Innocent/dp... As Anatole France observed: "In its majestic equality, the law forbids rich and poor alike to sleep under bridges, beg in the streets and steal loaves of bread."
SyneRyder 9y ago
> No one goes to the grocery store thinking "gosh, I sure wish I could transfer some money to an exchange, buy some BTC, set up a wallet, transfer the BTC... That cracked me up, because it sums up much of the Bitcoin experience... but in Australia at least, there's a card (Coinjar Swipe) that you can use to pay with Bitcoin in any store that accepts EFTPOS, which is most Australian stores. (The same card terminals that accept Visa & Mastercard usually accept EFTPOS.) You can even use it to convert Bitcoin to cash as Cash Out at supermarkets. https://support.coinjar.com/hc/en-us/articles/202202609-Introducing-CoinJar-Swipe https://support.coinjar.com/hc/en-us/articles/202202609-Intr...

by Mahn 9y ago

bergie 9y ago

In my neighborhood there are bars that accept Bitcoin. I've paid several dinners with my Android BTC wallet. Quite convenient in a city where you usually can only pay with cash...

chasing 9y ago
Which neighborhood are you in?
- DINKDINK 9y ago
  He's probably in Berlin
bigtimeidiot 9y ago
>In my neighborhood there are bars that accept Bitcoin. Something tells me you don't live in Nebraska. >Quite convenient in a city where you usually can only pay with cash... How is it more convenient than cash?
- DINKDINK 9y ago
  You cannot back up cash You cannot securely send cash across the globe without depositing it into a trusted third party You cannot program physical cash
  - bigtimeidiot 9y ago
    Are you just listing a few random ways that Bitcoin is more convenient than cash? The OP was about spending money at a bar. But okay, here's how cash is more convenient: I can walk outside my office and use this dollar bill at any store anywhere around me. It has apparent value to everyone I will talk to. I don't need the internet. If you need to "program" or "backup" your money, I guess Bitcoin is your medium. No argument there.
robbiep 9y ago
Quick question - from someone who hasn't looked at bitcion since it was between 10c and $5 - since your transaction doesn't clear until the block propagates how they handle double spends?
- aminorex 9y ago
  Double spends are overwhelmingly a theoretical issue. Credit card fraud, on the other hand, is pandemic.
- akvadrako 9y ago
  The same way that restaurants make sure you pay instead of just leaving the building. It's mostly just not worth the hassle to save a few bucks.

austenallred 9y ago

I've been asked a half dozen times in the past week to send (international) payments via Bitcoin. Not because the receivers are enthusiasts, but because it's the simplest way. There's admittedly a high cost of learning/adoption, but once that is overcome it's not an issue. My guess is that (like most technology) bitcoin will eventually be easy enough to use that we don't have to understand or think about it, the same way I don't really understand how ACH or merchant processing works but I have a credit card.

1001101 9y ago
I remember in 2013 there was a $148M bitcoin transaction. Instantaneous, 0$ in fees, no third-party involved, no currency exchanges. Granted, it was probably just moving money around the same organization's wallets, but that really opened my eyes. [1] Someone described Bitcoin to me as the Internet of money. I'm guessing nobody at ARPA envisioned Facebook, Amazon, Netflix, or Google, but they created a platform upon which that innovation could occur. Bitcoin (or whatever) could be that platform for money. Right now, I can see this being very useful for international remittances, like you have observed, commodity money (serving the role that gold does, as a hedge against currency devaluations, capital controls, etc), and in the informal sector esp. in the third world, where you have smartphones, but maybe not the financial institutions to bank with. [1] https://news.ycombinator.com/item?id=6782290 https://news.ycombinator.com/item?id=6782290

tboyd47 9y ago

I don't think this is accurate. The main use case for Bitcoin seems to be remittances and savings for the rich and middle-class in countries with unstable currencies, not grocery store payments. Compared to USD, it's cumbersome and expensive, but compared to gold or Western Union, it's clearly better.

chc 9y ago
Do you really believe more Bitcoin is used for this than evading the law?
- tboyd47 9y ago
  Do you have any data that prove me wrong?
  - greenshackle2 9y ago
    Do you have any data that prove you right?
    - true_religion 9y ago
      I think that believing people are not criminals is the less extra ordinary case, considering how few people are criminals in the first place. There would have be something extraordinary about bitcoin or the way it was represented to society at large that attracted criminals.
      - aminorex 9y ago
        You don't understand how the law works. You are a criminal. In the u.s., for example, that shining city on a hill, it is estimated that a typical adult commits three felonies on an average day.
        aminorex 9y ago
        Hit another nerve I guess. I am good at bringing out the lynch mobs. But it is true: https://www.amazon.com/Three-Felonies-Day-Target-Innocent/dp/1594032556 https://www.amazon.com/Three-Felonies-Day-Target-Innocent/dp... As Anatole France observed: "In its majestic equality, the law forbids rich and poor alike to sleep under bridges, beg in the streets and steal loaves of bread."

SyneRyder 9y ago

> No one goes to the grocery store thinking "gosh, I sure wish I could transfer some money to an exchange, buy some BTC, set up a wallet, transfer the BTC... That cracked me up, because it sums up much of the Bitcoin experience... but in Australia at least, there's a card (Coinjar Swipe) that you can use to pay with Bitcoin in any store that accepts EFTPOS, which is most Australian stores. (The same card terminals that accept Visa & Mastercard usually accept EFTPOS.) You can even use it to convert Bitcoin to cash as Cash Out at supermarkets. https://support.coinjar.com/hc/en-us/articles/202202609-Introducing-CoinJar-Swipe https://support.coinjar.com/hc/en-us/articles/202202609-Intr...