5 ms·

Commerce.

cemerick 5y ago
Among whom, and for what? Average transaction fees were substantially above $5 - $10 for nearly a year, and have now settled around $2 - $3. No one was looking to transact in BTC before that spike, and that goes double now.
amin 5y ago
What percentage of people who bought bitcoin today, bought it with the intent of making normal commerce-related transactions?
- jliptzin 5y ago
  Just because there are a large number of market participants involved purely for speculation does not mean we can just ignore those who are there for genuine commercial transactions. What percent of people who buy oil futures contracts intend to take delivery of thousands of gallons of oil?
- BrianHenryIE 5y ago
  I made a sibling comment where I said a company I work for accepts Bitcoin and ships orders once confirmed. So, in the past month, the customers who paid via Bitcoin... presumably bought it with the intent of making normal commerce-related transactions.
BrianHenryIE 5y ago
To be entirely clear, a company I work with accepts Bitcoin, then ships physical products.
- bb88 5y ago
  So if you were paid in BTC, would you keep it in BTC or move much of it back to cash in case BTC plummets? If it's an investment, no more than 30% of your net worth should be wrapped up in one investment. If it's a currency and you're happy if the price takes a plunge. It seems to me, as long as the price fluctuates, I would prefer cash because I would be able to buy BTC during the dips.
- Freskis 5y ago
  Is it possible you are not being accurate? That the company is actually receiving cash which has been converted from Bitcoin by a service? Accepting raw Bitcoin would lead to huge problems such as transaction time and price volatility. Either way, accepting bitcoin is horrifically bad for the environment, and one of the most ecologically destructive things tech companies do. It is not something I would be proud of.
  - BrianHenryIE 5y ago
    Yes, straight up Bitcoin accepted. A single digit percentage of revenue. But I don't think that changes the point much, that it is used for commerce. And yes, the realisation that it's bad is a brewing thought. I've never invested any of my own money in Bitcoin (€200 in Ethereum) so I excuse (to myself) my involvement because it's passive. https://wordpress.org/plugins/triplea-cryptocurrency-payment-gateway-for-woocommerce/ https://wordpress.org/plugins/triplea-cryptocurrency-payment...

Commerce.

Among whom, and for what? Average transaction fees were substantially above $5 - $10 for nearly a year, and have now settled around $2 - $3. No one was looking to transact in BTC before that spike, and that goes double now.

amin 5y ago

What percentage of people who bought bitcoin today, bought it with the intent of making normal commerce-related transactions?

jliptzin 5y ago
Just because there are a large number of market participants involved purely for speculation does not mean we can just ignore those who are there for genuine commercial transactions. What percent of people who buy oil futures contracts intend to take delivery of thousands of gallons of oil?
BrianHenryIE 5y ago
I made a sibling comment where I said a company I work for accepts Bitcoin and ships orders once confirmed. So, in the past month, the customers who paid via Bitcoin... presumably bought it with the intent of making normal commerce-related transactions.

BrianHenryIE 5y ago

To be entirely clear, a company I work with accepts Bitcoin, then ships physical products.

bb88 5y ago
So if you were paid in BTC, would you keep it in BTC or move much of it back to cash in case BTC plummets? If it's an investment, no more than 30% of your net worth should be wrapped up in one investment. If it's a currency and you're happy if the price takes a plunge. It seems to me, as long as the price fluctuates, I would prefer cash because I would be able to buy BTC during the dips.
Freskis 5y ago
Is it possible you are not being accurate? That the company is actually receiving cash which has been converted from Bitcoin by a service? Accepting raw Bitcoin would lead to huge problems such as transaction time and price volatility. Either way, accepting bitcoin is horrifically bad for the environment, and one of the most ecologically destructive things tech companies do. It is not something I would be proud of.
- BrianHenryIE 5y ago
  Yes, straight up Bitcoin accepted. A single digit percentage of revenue. But I don't think that changes the point much, that it is used for commerce. And yes, the realisation that it's bad is a brewing thought. I've never invested any of my own money in Bitcoin (€200 in Ethereum) so I excuse (to myself) my involvement because it's passive. https://wordpress.org/plugins/triplea-cryptocurrency-payment-gateway-for-woocommerce/ https://wordpress.org/plugins/triplea-cryptocurrency-payment...