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I don't understand this common criticism. If I buy something with bitcoin, that means I'll have that much more USD to reinvest in bitcoin if I so choose. Besid

by aqme28 13y ago

I don't understand this common criticism. If I buy something with bitcoin, that means I'll have that much more USD to reinvest in bitcoin if I so choose. Besides, if the price goes up x1000 then I'm not going to complain.

saraid216 13y ago
> If I buy something with bitcoin, that means I'll have that much more USD to reinvest in bitcoin if I so choose. Where exactly is the "much more USD" coming from?
- dangrossman 13y ago
  "That much more", not "much more". If he spends BTC instead of USD to buy the domain, he still has his USD he didn't spend on the domain to buy the same amount of Bitcoins right away, if he chooses. His Bitcoin holdings don't have to change just because he paid a merchant that accepts Bitcoin.
  - adeptus 13y ago
    Somebody is forgetting about exchange/purchase fees associated with acquiring bitcoins in the first place (assuming you don't mine them - most people don't). It isn't free to just buy more bitcoins. However it is free to just buy domain names with USD - at least from a consumer perspective.
    - aqme28 13y ago
      Don't ignore the 10% discount that Namecheap is offering.
    - aianus 13y ago
      With Gyft cash back at 3% and Coinbase fee at 1% it's cheaper to buy stuff on Amazon via USD->BTC->Gyft->Amazon than even a rewards credit card directly on Amazon
    - yebyen 13y ago
      On Black Friday, at Coinbase, it is. https://news.ycombinator.com/item?id=6800041 https://news.ycombinator.com/item?id=6800041
cwilson 13y ago
What I need is the ability to automatically reload my wallet with the same amount of Bitcoin I spend as I spend it, so I always have X amount. I want to save at least a certain amount for years, so of course I don't want to spend it, but I have no problem using the USD I would have used to purchase something to buy Bitcoin to offset BTC based purchases. This just needs to happen seamlessly so I don lose money because of volatility.
- ericmsimons 13y ago
  Yup, totally agree. If there was a seamless way to ensure my bitcoin wallet always auto-reloaded after I spend, I'd have no problem using bitcoin as an actual currency. This seems like a pretty simple & awesome feature for coinbase to implement.
  - cwilson 13y ago
    Just sent Brian at Coinbase a note about this. I'd use the feature constantly if they added it. It could be as simple as selecting a funding source when you send; your wallet or an option to purchase what you're sending.
    - wfunction 13y ago
      Trouble is it's not anonymous. If you could find a way to do that anonymously, that would be amazing.
      - gustoffen 13y ago
        Just find a friendly localbitcoins seller. Hand him cash once a week while you're at your favorite coffee shop.
      - tlrobinson 13y ago
        https://sharedcoin.com/ https://sharedcoin.com/
    - udfalkso 13y ago
ericmsimons 13y ago
Thanks for pointing this out. If there was an automatic way to have my wallet reloaded after I spend some bitcoins, I wouldn't think twice about using bitcoin for regular purchases.

by aqme28 13y ago

saraid216 13y ago

> If I buy something with bitcoin, that means I'll have that much more USD to reinvest in bitcoin if I so choose. Where exactly is the "much more USD" coming from?

dangrossman 13y ago
"That much more", not "much more". If he spends BTC instead of USD to buy the domain, he still has his USD he didn't spend on the domain to buy the same amount of Bitcoins right away, if he chooses. His Bitcoin holdings don't have to change just because he paid a merchant that accepts Bitcoin.
- adeptus 13y ago
  Somebody is forgetting about exchange/purchase fees associated with acquiring bitcoins in the first place (assuming you don't mine them - most people don't). It isn't free to just buy more bitcoins. However it is free to just buy domain names with USD - at least from a consumer perspective.
  - aqme28 13y ago
    Don't ignore the 10% discount that Namecheap is offering.
  - aianus 13y ago
    With Gyft cash back at 3% and Coinbase fee at 1% it's cheaper to buy stuff on Amazon via USD->BTC->Gyft->Amazon than even a rewards credit card directly on Amazon
  - yebyen 13y ago
    On Black Friday, at Coinbase, it is. https://news.ycombinator.com/item?id=6800041 https://news.ycombinator.com/item?id=6800041

cwilson 13y ago

What I need is the ability to automatically reload my wallet with the same amount of Bitcoin I spend as I spend it, so I always have X amount. I want to save at least a certain amount for years, so of course I don't want to spend it, but I have no problem using the USD I would have used to purchase something to buy Bitcoin to offset BTC based purchases. This just needs to happen seamlessly so I don lose money because of volatility.

ericmsimons 13y ago
Yup, totally agree. If there was a seamless way to ensure my bitcoin wallet always auto-reloaded after I spend, I'd have no problem using bitcoin as an actual currency. This seems like a pretty simple & awesome feature for coinbase to implement.
- cwilson 13y ago
  Just sent Brian at Coinbase a note about this. I'd use the feature constantly if they added it. It could be as simple as selecting a funding source when you send; your wallet or an option to purchase what you're sending.
  - wfunction 13y ago
    Trouble is it's not anonymous. If you could find a way to do that anonymously, that would be amazing.
    - gustoffen 13y ago
      Just find a friendly localbitcoins seller. Hand him cash once a week while you're at your favorite coffee shop.
    - tlrobinson 13y ago
      https://sharedcoin.com/ https://sharedcoin.com/
  - udfalkso 13y ago

ericmsimons 13y ago

Thanks for pointing this out. If there was an automatic way to have my wallet reloaded after I spend some bitcoins, I wouldn't think twice about using bitcoin for regular purchases.