As any PC games will know Steam are having their yearly sale on atm, so i went to buy a few games. When i went to purchase the games i decided to use bitcoin this time. They use bitpay and the order went through super smooth. They don't wait for confirmation, so your order is instant. I guess since it's only software they can be more relaxed. This is what Bitcoin really needs, stores accepting it and people using it. Not just people flipping it for a profit. After over a month of me using exchanges it was really nice to make a real purchase with it
How do you feel spending an investment instead of using fiat? I would be feeling a bit upset to lose my bitcoin. Btw I have no idea about bitcoin or any other cryptos.
It felt great. I can always buy more bitcoin cheaper with my fiat. Plus i don't view cryptos as an investment, i view it as an alternative payment system. And for cryptos to survive more people will have to start having that view too.
But they won't until the volatility problem is resolved. Any "currency" that can vary +/-20% in a day (and that being quite a normal thing) relative to all other world currencies in use is not a currency people want to use to buy and sell stuff.
Yes it's a bit of a paradox. People need to speculate less and use it more to make it more stable, but to do that more shops need to accept it, but more shops won't accept it until less people speculate with it (and around and around we go) Anyway a shop can accept bitcoin but not hold it. That's what Bitpay does, it allows a store to receive bitcoin and then it converts it into local currency.
SilverDJ, go and read up about Corion coin :- http://www.corion.io Eliassamaha put me onto it and it is a very clever idea that if it works you'll effectively have a stable price crypto token on the Ethereum Classic blockchain (cheap/fast transactions) that can run side by side with fiat commerce - without any need for any fiat gateway, conversion or redemption. I'm not convinced Corion will work, but it is obvious to me that some very smart people are working on the price stability problem (so that mainstream can adopt crypto) and it WILL get solved soon.
Will check it out, thanks. I hope it gets solved soon, and maybe the one that does will be the ultimate winner? Even beating out Bitcoin? Because is there any mechanism that could make Bitcoin more stable apart from some form of government regulation?
Didn't grab me at all, What I basically got from it was that they will take the guess work out of what will and wont work on the crypto network for people unable to decide for themselves. And they are promoting a 2.5% gain per day ? https://www.corion.io/ Sorry But I call BULLSHIT on that straight up. I've seen Ponzi's in my life before and also some overwhelming promises as well, but 2.5% per Day....Really ? For just $1000.00 a day I can get you laid by a 22 year old Virgin that looks like (enter your fantasy lay here) your choice .
I'm the first to admit there are some red flags with Corion (I pointed that out in the other thread) There is a bit of an issue with the marketing. It is "up to" 2.5% daily. The way they do it is through dynamic money supply expansion/contraction based on the coins price. It is actually a consensus decision every 3 hours to mint new coins totalling 0.3% of the existing coin supply if the coin price is over $1 USD. Compound 8 times in 24 hours and you almost get 2.5% when there is high demand for the coin (ie, price is up). It is a way of suppressing the coin price when demand is high, as opposed to other cryptos that have massive price spikes and dips. The reason I brought it up is it may be (part of?) a solution to the crypto volatility that SilverDJ is always complaining about as a reason why crypto can't be adopted by mainstream. As for the ICO, it's up to $1.2 million USD which is peanuts compared to Bancor, but still substantial compared to what was considered "normal" only a few months ago. I bought some but I'm not endorsing the coin. Just pointing out that some are working on the price stability problem and this project might be worth watching to see if their price stability mechanisms work.
So going back to what this thread is about. Has any one else here used crypto's at all for what they are designed for? or is it just me?
Interesting information, thank you for sharing. re: quote any comments on convenience and cost of conversion. how would it look like in comparison with PP? ty
regarding Bitpay, I think it worked out to be about the same as PayPal when doing a currency conversion. So until stores accept it directly it won't really be a cheaper option. As for convenience, i would say it's as good as PayPal. Though I've only used it on steam so far. I've also made a payment with another store which accepted bitcoin directly, though they made you wait for a confirmation first.
Just saw KJC in Sydney is now accepting payments in bitcoin. So you can buy bullion with bitcoin now. https://www.kjc-gold-silver-bullion.com.au/buy_payment_option.php
I've purchased some gold from provident metals, and some giftcards on Gyft. They both use bitpay, each time was super easy and worked with no issues!
My first purchase was some alpaca socks from the US: http://www.grasshillalpacas.com/alpacaproductsforbitcoinoffer.html They were one of the first online merchants to accept bitcoin and even featured in the original "What is Bitcoin?" video: http://www.grasshillalpacas.com/alpacaproductsforbitcoinoffer.html I think I paid 2 or 3 BTC for them. In regards to spending an investment, I was also buying bitcoin at the time, so was roughly buying was I was spending so my net bitcoin holding was maintained. I have no regrets spending what would now be $20 grand on socks. They are good quality socks and are a talking point when I wear them. If noone spent any bitcoin, its value would not be where it is today. I have also purchased novelty items and bitcoin wallets, and lately have been using a Coinjar Swipe card set to autoreload. My most recent purchase was the LEGO Apollo Saturn V rocket model.
