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BIF
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Has anybody here made a purchase with Bitcoin?

Thu Apr 18, 2019 12:07 am

So give me the dish.

Have you actually made a purchase with Bitcoin, whether because you wanted to keep the transaction somewhat on the down-low or just because you wanted to see how it works?

I'm thinking of doing that and I fall into the latter category. But honestly, one day I might want to keep a transaction rather discreet, for whatever reason. So it would be good for me to know how this all works, right?

At this point, I have about $500 of purchases in mind, and that's all I'm planning to do...use it for making a purchase, not as an investment vehicle. There's no immediate rush, and definitely that makes it a good time for me to learn.

So have you bought anything with Bitcoin? And how did you decide how much Bitcoin to buy and/or keep available?

Thanks!
 
dragontamer5788
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Re: Has anybody here made a purchase with Bitcoin?

Thu Apr 18, 2019 1:15 am

BIF wrote:
Have you actually made a purchase with Bitcoin, whether because you wanted to keep the transaction somewhat on the down-low or just because you wanted to see how it works?


The latter.

I'm thinking of doing that and I fall into the latter category. But honestly, one day I might want to keep a transaction rather discreet, for whatever reason. So it would be good for me to know how this all works, right?


To keep a transaction discreet, you'll need to send it through a mixer, which seems like money laundering to me. Otherwise, your transaction will permanently be on the Blockchain forever more. If you really want to be anonymous, just use cash. I don't think the Feds are prosecuting anybody who goes to BTC Mixers, but I don't like the idea of helping out criminals personally.

BTC is just like a really slow, complicated way of sending money around. You still gotta spend for a transaction fee every time it touches a different wallet (otherwise the transaction may get held up by the miners: the miners get to keep the transaction fee... so the higher you pay, the higher the chance that a miner decides to let your transaction through). Honestly, I don't really see the point of it, unless you're trying to buy gray market goods (legal stuff like Pornography, but you may have issues with some credit card companies)... or straight up illegal black market goods.

So have you bought anything with Bitcoin? And how did you decide how much Bitcoin to buy and/or keep available?


I decided for myself that $200 was enough that I was willing to lose, so I made a wallet, purchased $200 of BTC. Then used those BTC to buy stuff online. Some websites do use BTC, like Namecheap. But after doing a few BTC transactions, I really didn't see the big deal at all. I think there's some interesting tech with escrows and stuff, but BTC really isn't stable enough for me to trust it for big money transactions.

Eventually, I sold most of those BTC back into dollars and walked away.
 
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Re: Has anybody here made a purchase with Bitcoin?

Thu Apr 18, 2019 9:22 am

After seeing how volatile it is, reading about the transaction fee vs. processing time issue, and noting the ridiculous amount of electricity it consumes, I decided it wasn't worth trying out, even just to see how it works. So no, I have never used it.
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Waco
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Re: Has anybody here made a purchase with Bitcoin?

Thu Apr 18, 2019 9:25 am

Never used it, I didn't want to fuel the stupidity.
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Re: Has anybody here made a purchase with Bitcoin?

Thu Apr 18, 2019 10:51 am

I mined some about 18 months ago using Nicehash when the bubble was forming and have spent it over the course of the last year on various things - mostly from Newegg via Bitpay (which was an annoying extra step) but I also got some giftcards through eGifter and some amazon cards through Bitpay. Overall it was a generally pain in the butt way to pay for things (especially compared to something like Amazon prime with a credit card). There was always this time period while things were getting confirmed, if there was ever an issue with the order you pretty much had to start over, etc. It was a fun experiment and I got some real things using computing power and some electricity, but I no longer mine because I'm pretty sure I would pay more for the electricity than the value of the coins mined.
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LASR
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Re: Has anybody here made a purchase with Bitcoin?

Thu Apr 18, 2019 12:50 pm

Back in 2013/2014, I used to mine LTC using GPUs. I used an automated arbitrage service to sell the mined LTC automatically in exchange for BTC. I then used that BTC to purchase more GPUs from Newegg. Went through 3 cycles of mining -> GPU purchases -> mining before I hit the amperage limit from the power company. I stopped mining when the profitability started to dip and I hit a BTC balance of 20BTC. Then sold all the GPUs for BTC again.

I used that BTC for various purchases - computer hardware mostly. I think I paid for coffee once using BTC. It was a terrible UX compared to a credit card. Never bothered to buy anything other than larger hardware purchases after that.

Eventually, when BTC hit $300, I sold all the remaining BTC for USD and then got out of it. Hindsight, should have just held on to it. But whatever.

After all that, I can definitively say that Blockchains for payments is incredibly stupid. It does have value as a consensus mechanism between untrusted parties, but not for payments.
 
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Re: Has anybody here made a purchase with Bitcoin?

Thu Apr 18, 2019 12:59 pm

LASR wrote:
After all that, I can definitively say that Blockchains for payments is incredibly stupid. It does have value as a consensus mechanism between untrusted parties, but not for payments.

...and that's why it'll never replace fiat currency for normal commerce, unless our entire banking system collapses first. In which case, going back to using precious metals as the medium of exchange would probably be easier.
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Glorious
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Re: Has anybody here made a purchase with Bitcoin?

Thu Apr 18, 2019 1:02 pm

JBI wrote:
unless our entire banking system collapses first. In which case


...steady electricity and networking aren't very likely either. :wink:
 
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Re: Has anybody here made a purchase with Bitcoin?

Thu Apr 18, 2019 1:33 pm

I mined some BTC back in the day, and used it to buy stuff from Newegg. It was straightforward enough. Also done a few wallet-to-wallet transactions related to the mining and keeping it in cold storage. I wouldn't call myself any kind of expert though.
 
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Re: Has anybody here made a purchase with Bitcoin?

Thu Apr 18, 2019 1:39 pm

Glorious wrote:
JBI wrote:
unless our entire banking system collapses first. In which case

...steady electricity and networking aren't very likely either. :wink:

...which is a big part of the reason why going back to precious metals would be easier in that case.
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Re: Has anybody here made a purchase with Bitcoin?

Thu Apr 18, 2019 1:49 pm

A few times - once on steam while it was still offered just because I could, other times for some semi-clothed cosplay videos because their credit card validation on site did not look legit.
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Glorious
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Re: Has anybody here made a purchase with Bitcoin?

Thu Apr 18, 2019 1:51 pm

JBI wrote:
...which is a big part of the reason why going back to precious metals would be easier in that case.


Heh.

I just like the idea of the "high-tech" "internet of money" being useful for when we've reverted to something less than a proto-state.
 
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Re: Has anybody here made a purchase with Bitcoin?

Thu Apr 18, 2019 2:48 pm

Glorious wrote:
JBI wrote:
...which is a big part of the reason why going back to precious metals would be easier in that case.


Heh.

I just like the idea of the "high-tech" "internet of money" being useful for when we've reverted to something less than a proto-state.

You wouldn't know "high-tech" if it hit you in the face.
 
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Re: Has anybody here made a purchase with Bitcoin?

Thu Apr 18, 2019 3:43 pm

End User wrote:
You wouldn't know "high-tech" if it hit you in the face.


OK?
 
BIF
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Re: Has anybody here made a purchase with Bitcoin?

Thu Apr 18, 2019 7:32 pm

Ouch! Let's all play nice. :)

Thank you all for your contributions.

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