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Does anybody use bitcoin for payment at all or is it only speculation at this point?
by Yuioup 5y ago
Does anybody use bitcoin for payment at all or is it only speculation at this point?
- nlitened 5y agoI do. It is in many ways more convenient than international wire transfer.
- ivanche 5y agoCare to share a few more details? Do you use lightning network?
- nlitened 5y agoI don't use the Lightning network because although I am pretty knowledgeable in how Bitcoin works, I've never had enough time to dive deeper into Lightning. Also, I expect it to be more cumbersome for my clients who are generally less technically knowledgeable. I use direct on-chain transfers. Since it's usually not a major share of revenue, I don't care much about price volatility - prices go up and down all the time. I quote in USD, and clients send amounts at current conversion rates. Over time, it averages out. The transfer fee is strictly less than international wire transfer. The transfer is fast, no-hassle, and also all clients are able to send the money all the time. If you live beyond the first-world countries, from my experience it is pretty common that some minor banks are not able to send money to some other minor banks in other countries, and you never know beforehand, and lose a lot of time on that.
- puranjay 5y agoI sold a website a while back and had a chance to be paid in either BTC or a wire transfer. I opted for a 50-50 split. The wire transfer involved going to the bank and filling out a form to fulfil some regulatory requirements. The transfer itself took 3 business days. The BTC payment was credited to my account in 10 minutes.
- nly 5y agoYou've just deferred going to the bank and filling in that form to a later date. ...but now you're exposed to massive volatility, regulatory uncertainty, probably capital gains tax on the upside, the risk of having to work through yet another third-party (an exchange), and your tax affairs are likely more complicated
- puranjay 5y agoAll true. But it also shows how complicated and slow the traditional method can be, especially for international wire transfers. BTC might not be the final solution, but that doesn’t mean the problem doesn’t exist.
- max_ 5y agoIt is irresponsible to use bitcoin as a form of payment.
- marcos100 5y agoIt's too volatile to do large business. Unless it settles at some price point, I think it will be hard to be adopted.
- deleted 5y ago[deleted]