Have you bought anything using Bitcoin?

[GravitySucks]

So Bitcoin hit $6,000 this week. It's billed as a crypto currency, but has anyone here ever purchased anything using Bitcoin? Or is it simply a speculative investment?

 

[Teacher Terry]

WE don't buy things with it but every time it hits a new high we usually cash out a few to secure our profit.

 

[mrfeh]

Haven't purchased anything with it. As of today, the fees make it useless for anything other than large purchases.

It might be a viable currency someday, but for the time being I consider it a speculative holding.

 

[Fermion]

Bitcoin is not meant for buying stuff but rather a way to launder and transfer large sums of money discretely.

 

[Teacher Terry]

My son got us into mining 4 years ago when it was profitable and we have made quite a bit of $.

 

[Lsbcal]

Greater fool theory rides again.

 

[easysurfer]

Haven't had the need to pay any ransomware with bitcoin nor have I a need to buy anything untraceable. So, the answer is "no" .

 

[stephenson]

I re-read the wiki post on bitcoin ... sounds silly and scary.

It does not sound like a form of currency.

https://en.wikipedia.org/wiki/Bitcoin

 

[Texas Proud]

Greater fool theory rides again.

+1


At least when the tulip craze was going on you actually owned a tulip!!!

 

[gerntz]

No.

 

[Lsbcal]

+1


At least when the tulip craze was going on you actually owned a tulip!!!

I was just talking a few days ago to DW and comparing this to the tulip craze in Holland. We will know when it gets really crazy when people are swaping their homes for bitcoins as I understand some did in the bygone tulip era.

 

[gauss]

Locally Deli around here accepts it for payment. The local Bitcoin community has their meetings there. I think they also have a Bitcoin ATM in the entrance.

I suspect, but do not know for a fact, that the Deli would use a service to immediately convert the payment into USD. Prices are posted in USD not Bitcoin on the menu.

Also heard that the popularity of Bitcoin may be partially driven by its desirability by Chinese citizens.

-gauss

 

[GravitySucks]

Thanks all.
Reaffirms my idea that it's valuable because it's rare, though close to useless. At least tulip bulbs end up pretty.
Glad to hear some made some scratch out of it though.

 

[Teacher Terry]

This thread reminds me of what happens every time someone on Mr. MM asks about Bitcoin. The thread turns into bashing and making fun of the people that did. I have quit responding to those threads but I thought it was because the majority of posters are younger. Oops wrong assumption.

 

[pb4uski]

Nope. Zero interest in bitcoin.... but BIL seemed to have some interest in it but nothing that I would touch.

 

[gauss]

Thanks all.
Reaffirms my idea that it's valuable because it's rare, though close to useless. At least tulip bulbs end up pretty.
Glad to hear some made some scratch out of it though.

It could become more popular as Visa/Mcard pull away from more and more "high-risk" industries and transactions that are clearly unlawful.

I wonder how Internet gambling is funded these days.

 

[GravitySucks]

This thread reminds me of what happens every time someone on Mr. MM asks about Bitcoin. The thread turns into bashing and making fun of the people that did. I have quit responding to those threads but I thought it was because the majority of posters are younger. Oops wrong assumption.

Hope you don't feel singled out here.
Nothing wrong with speculating, and the mining makes it even more interesting. Not bashing.
Just wondering if it ever gets used for currency. If not, what drives the price up?

 

[Teacher Terry]

I will have to ask my son what drives it up. He has done so much research and understands this much better then I.

 

[GalaxyBoy]

I complimented my local homebrew shop recently on their taking Apple Pay, which is still rare here in the boonies (I usually get a blank stare when I try to pay with my phone). He told me he takes everything, even BitCoin. I should have asked if anyone's ever tried to actually pay for <$100 using BC.

 

[Lsbcal]

This thread reminds me of what happens every time someone on Mr. MM asks about Bitcoin. The thread turns into bashing and making fun of the people that did. I have quit responding to those threads but I thought it was because the majority of posters are younger. Oops wrong assumption.

What are most of us missing about bitcoin? Insights?

 

[CoolRich59]

I bought some prescription meds with it. I had left my j*b at megacorp and started working as a consultant/contractor without medical coverage.

My Rx cost went through the roof, so I started buying from an offshore place. One day, the offshore pharmacy said that they would extend an add'l 10% discount if I paid with bitcoin.

Learning what bitcoin was and how to use it was more trouble than I thought it would be. But, I got it set up, funded my account and bought my Rx.

I bought more bitcoin than I needed and so left the balance in my digital wallet. A while later I decided to cash out and was pleasantly surprised to learn that the funds had increased in value significantly.

I came out ahead, but don't think I would go through the exercise again.

 

[Henry Lili]

Same here. Used bitcoin for an overseas purchase. Really, just wanted to see how it worked. Ordered and received my product. The discount and/Or "bonus" product added to order made the hassle palatable. I used Coinbase.

 

[Doc0]

BTC is too volatile to use as currency.