Thoughts on Bitcoin as payment?

[pickles77]

I have actually made pretty good returns investing in cryptocurrency. My neighbor mines it and I talk to hime all the time about its the future and what not. Ironically I think it's a pain in the ass to use with vendors because its just one more pitstop to making a simple order complicated. Some vendors take too long checking on payments. It's volatility  doesn't seem advantageos for vendors either.But I mean it's just a pain.

[cmdline]

cryptos are a drag in general this hype being pushed by everyone having some or trying to profit of it as its next gen, total bull. i see someone mentioned switching wallets < thats just crazy get independent trusted app like electrum and transfer coins onto your device usb or whatever doubt anyone bother checking 1000s transactions that move back and forth. thou reason that they are one way payment and volatility and another 100 issues with any cryptos isnt worth the hassle the very idea that it could be simply lost or corrupted makes it weak, i know some push this as its the future but if one looked at bt© history they would see it was setup as pyramid scheme where price was manipulated that turned into get rich opportunity for most, then if one would take into account that 20 mill exist of them and about 5 mill have been lost forever, and knock off coins and forks created, its like fiat expect its made by burning tons of coal in china mining factories where electricity costs pennies, and total break down is that even companies like paypal invested into them yet these huge platforms dont want anything to do with touching them should be clear hint.

Now with all said i dont dismiss cryptos if it comes to showe its safe resort to fall back as a last option if everything else fails, but its not cheap and most sites that offer them either charge nice 25% rip off, or basically every detail there is about you so not really anonymous when you pass your all personal details to some third party website.

[Mr. HIND]

Are you trying one exchange site or multiple with failure? Curious...

[iNsom]

I think BTC is dying.
Probably £500 i’ll never see again.
Bought £500ish, watched it grow to £750ish then shrink to £250ish
My BTC is now stored offline, its very easy to buy (coinbase) but hard to withdraw so mine is stored on paper now.
Literally handwritten words and numbers.

[LilRaquel]

Once I learned how to use the system, I love it.

Someone near the top of the thread mentioned a learning curve. This is true and remember to factor in fees, etc. the fees are pretty minimal you buy coin from where your wallet is. Also, don’t invest in it. Just buy what you need as needed to pay for goods and services. Another tip, buy your coin within a close time frame you plan to spend as the market prices can get bananas and you can lose or make money. I just keep it even.

[Mr. HIND]

Are you trying one exchange site or multiple with failure? Curious...

One site, as I am not exactly in love with having to do the whole verification process. I got verified and my bank account limit is zero dollars. This is Coinbase, by the way  They said they are aware of the bug and looking into it, but it makes me wonder if they are even worth dealing with .

Ahh OK. I had an issue just getting a wallet from coinbase, after going through the bank verification process. There was some glitch where I was supposed to respond to an email, but the system wouldn't kick out the email for some reason. Tried numerous times over a period of several days then gave up. Some months later tried again and everything worked fine. Makes one feel kinda uneasy purchasing currency when there's 'bugs' in the system.

[Chantilly]

Same here, coinbase does not work for me. I think you need to be a US Citizen because they require a valid SSN. Also if I remember correctly the bank verification process is onerous as hell.

Instead, I've been using (1) localbitcoin.com, a P2P network where buy/sell prices & USD amounts are set by individuals. People also set their required method of payment that you must follow. There's no crypto trading so its purely a buyer/seller platform

Alternatively, if you don't mind paying at least a 10% premium, (2) cex.io is a crypto exchange that allows you to buy, sell, trade, and importantly, withdraw crypto/fiat currency. You can trade cryptos here, safe in the knowledge that if your portfolio is turning to shit you can cash-out quickly. Most exchanges don't allow this, or they apply heavy restrictions on withdrawals.

The trade-off is Cost vs Convenience. Localbitcoin can be cheaper than even the market price; I recommend getting a Moneygram (#1 choice) or Western Union account b/c for some reason paying using these 2 methods nets you a cheaper price. Probably b/c it's safer than other payment methods. Your coins are held in escrow during each transaction, but after it's transferred to your localbitcoin wallet you're on your own unless its the market's fault (even then im not sure). Main Drawback is inconvenience- many sellers only accept cash unless you find a rare seller willing to sell BTC at a decent price using Zelle or Bank transfers. Stumping up sufficient cash to invest in cryptos or collect BTC is annoying.

cex.io pretty much operates as a secondary exchange. People can buy listed cryptos and exchange it for another coin, and you can liquidate into cash on short notice. If you're interested in trading cryptos, but don't want to commit an exorbitant deposit amount/ withdrawal restrictions, cex.io is for you. BUT, the drawback is higher cost. Unless it's very troublesome, I would buy my coins on localbitcoin or coinbase (if possible), then transfer it to my offline wallet before transferring it lastly into cex.io wallet. 10-15% upfront fees are rather high, and with added volatility of cryptocurrencies the personal cost could skyrocket.

[quickfix]

At first it's all too confusing, but if you sign up with a reputable website like blockchain or so it's quite simple from then on.
have no experience with coinbase but seems to be another popular one.
Most of them will guide you through how it works. It's a thumbs up from me.

[Salty]

I've been trying to use it. I downloaded the Bitcoin app and Coinbase app. Didn't realize I only needed one. I can't get Coinbase to work. I confirmed my bank account but every time I try to add money to it, the app just closes. I'm about to give up cause bitcoin uses their own credit card system and there are fees that don't seem spelled out well enough to understand. ugh!

[Salty]

Bitcoin is the way most vendors seem to be going. I got frustrated at first cause it seemed so complicated but it’s pretty easy if u use a laptop or desktop. You can use the app but I don’t find it as thorough. It takes about up to two weeks to have access to funds if you use your bank. Coinbase is good for that. The Bitcoin app only uses a cc company within the app. You have fees from both... seemed more costly and it was after I did the math.