Actually I didn’t mean it is not secure.
I meant why BTC network is not used to move money.
Only reason I can think of is cost of transactions. Right?
Sorry I am not familiar with these pictures. But I guess these show some transactions
If I try to summarise , there are two possible reasons to move bitcoin
- People are simply trading bitcoin like stocks. Here the transaction is mainly to buy and sell BTC
- People are actually moving value via BTC. For example if I want to move 90000 USD to you, I can just send you 1 BTC and then you can either convert it or keep it.
#1 is like Gold or NVDA shares
#2 is like Making a bank payment where I transfer value to you because maybe you offer some goods or services
So I was trying to understand how much value (either in terms of BTC or USD) is being transacted on a daily basis using BTC? Do you happen to know?
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Thanks for sharing
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btw
Feel free to browse all the blocks with the transactions on https://mempool.space/ (or better mempool cleared from shitcoins data https://mempool.guide/).
(I posted already, but if you want go further https://www.lopp.net/ for very good bitcoin and lightning network collection and https://planb.network/ to start and dig deeper)
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What are the transaction costs for these kinds of uses? Does the thunderbolt sign mean you are transacting via the lightning network?
yep, that’s my wallet of satoshi used during planb in lugano.
I can’t remember of paying any fees with it
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Do you know if the acceptance map is more or less accurate ?
Really a lot of merchants already
Pretty accurate. Never found one from the map not accepting it.
Plus in Lugano you can pay any communal invoice like taxes with Bitcoin. Further, there are some flat renters which accept bitcoin (but it’s hard to know in advance which ones). You can live in Lugano theoretically only from Bitcoin.
Have to admit, it’s just Lugano. I live few km away and here it doesn’t look that good. Found not one accepting it. I hope it will get better with the growth.
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All roads lead to Bitcoin:
-
If you believe in Bitcoin, you want to own a lot.
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If you don‘t believe in Bitcoin, you want to buy some in case you‘re wrong.
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Everybody gets Bitcoin at the price they deserve.
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But if BTC is supposed to reach crazy high value as the investors/adopters are expecting, what is the point of buying stuff with it? If you expect it to double every few years (?) you should never ever sell it, because the opportunity cost is huge.
It’s like if I (a passive VT ETF investor) was going to start paying my groceries and buying beers using fractions of VT…
Isn’t this a bit contradictory? (I’m genuinely asking out of curiosity, to better understand)
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That’s what you do in retirement.
Just with the intermediate step that you convert VT to cash and then to groceries, because the store doesnt accept fractional VT.
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I guess currently, paying with BTC is more of a “fun” thing to do rather than a actual use case (apart from some shady business), while it would become more relevant once it is more stable (after it either mooned or floored), right?
At least for people who believe that the value will go up. If you believe it reached its peak then better pay every beer with BTC.
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This is somehow timing the market.
I buy every month btc, and use it wherever I can (even if I can’t buy with btc I ask firstly). It has to spread.
Btw, true power of the austrian school and deflationary stuff is low time preference: think twice before you buy it. (lol, I will never ask that for beer). This is very green!
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Where do you see that? Seems pretty even to me.
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Weiss jemand was die source dieses Bildes ist. Dort sind die täglichen Zukäufe der verschiedenen ETF Anbieter wie Blackrock zu sehen. Mit Google search picture fand ich viele Seiten die darauf referenzieren. Hat jemand den Link dazu?
this one?
https://farside.co.uk/btc/
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That’s a fallacious argument.
If you “know” that BTC is going moon, then by that logic, the only move that you have is to convert all your fiat into BTC to maximize returns, and by that point you still need to buy stuff to live (food) and for fun (drinks, phone, vacations etc). And you need something to pay for that, hence BTC. This is @stojano’s case. Just because he is all in on BTC and assuming that it will indeed moon, I assume he also wants to live life and not sit in a basement saving every penny to put it into BTC.
Most people are not like that, they take this risk but aren’t all in. In that scenario then perhaps they’d be better off using fiat to pay for stuff but there are a few reasons why that wouldn’t be the case:
- It’s fun
- It increases adoption
- There’s a discount involved
- fiat payment is not feasible or too costly (cross border payments for example).
You are right that by buying stuff with BTC you are selling, but if bitcoin is to be a currency and/or store of value it must be used.
In a FIRE community that should be clear. There’s no point in dying with a basement full of gold or Nvidia stocks without having spent any of it.
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there’s plenty of times in this thread where you have a few no-coiners debating why people use bitcoin, how it works, which direction it’s going etc with the odd comment from someone else with some link or recent event. And these discussions tend to be somewhat circular at times.
I’m not necessarily complaining but it is peculiar