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RE: Would you actually pay for your next meal in crypto if you had the choice?
I bought a steak and beer with Bitcoin at longhorn steakhouse a week ago.
I bought a steak and beer with Bitcoin at longhorn steakhouse a week ago.
It is awesome to hear stories of Bitcoin being used for products and services.
Would you regret it later on if Bitcoin rose to say $20.000?
I think everybody would regret (at list for a moment) knowing he bought something hugely overpriced.
And about 8 of 10 expert economists will say you that Bitcoin value will be growing in long run. So, if you buy something for Bitcoin today, you buy overpriced goods.
The current Bitcoin worldwide penetration is very low. There are different calculations, but most of them state not more than 25.000.000 people are having any kind of crypto-wallet (0.3% of population). Years will come until cryptocurrencies become widely used. I could only imagine people widely spending crypto when the penetration level is about 3-5%, meaning at least 10-15 times more than today. Until then it is better to save Bitcoin, as new Bitcoin users are continuing to push demand thus Bitcoin value up :)
Some people say that other cryptos may take a huge slice of pie from Bitcoin - but Lighting Network is coming soon, so Bitcoin should survive any pressure. Gold is gold for centuries, no matter how many options to invest we seen on its way. And Bitoin is like a crypto gold.
No one likes to buy overpriced products and this is why I fear that it might take a while before we will see cryptos as payment options in stores.
Which crypto coins will eventually become mainstream is not the most important thing for me. Bitcoin certainly looks like a good candidate for the future though.
Thank you for your great contribution to this discussion w-w-w!
Well, I don't really think we need to be afraid of slow store acceptance. Sorry for repeating this point, but if we take gold as an example - a few shops accept gold as payment option, but anyway it is one of the main saving options for centuries. Want to spend crypto in shops, fine, we have Steem Dollars which are about 1 USD and don't generally rise in price over time. A good crypto not to afraid overpriced products! :)
Nope, I expect it to eventually. I look at it as an investment in the crypto currency environment. If everyone holds, then acceptance will be prolonged. If businesses see the demand for use, they will accept it.
That is a noble gesture, thank you for that.
If demand is based on peoples willingness to "invest" in the adoption of the currency then I do foresee that it is an uphill battle though. But I might be wrong! (I sure hope I am wrong)