With all the chatter about Bitcoin I've been wondering for a while now if anyone actually uses cryptocurrency as currency. What good is currency if it doesn't facilitate the trade of goods and services?
So who here has used, and continue to use cryptocurrency to buy stuff and what did you purchase? (please the illegal stuff out of this, drugs, firearms, etc)
Do you know any/many business that accept crypto as payment? please share!
Have You Used Cryptocurrency to Buy Anything?
cloudy on 05/01/2021 - 22:50
Poll Options
- 27Yes, I use Cryptocurrency to buy things
- 45No, I've never used Cryptocurrency to buy anything
Comments
thanks, and was it bitcoin that you used? or other?
I generally use Litecoin if it's an option as the fees are cheaper. I also donate quite a bit of cryptocurrency to charities that accept it - about 90% of the donations I use Litecoin for as well.
Travala.com
It's like booking.com and you can buy with loads of different coinsExcellent! Thank you, I love how it quotes in bitcoin too. Can find places to stay for less than .005678 of a Bitcoin.
Bitcoin on dark web
No, just bought as an investment/value store. So far so good.
Yep, this seems to be the pro dominant use case I’ve been reading.
Of people willing to reply on an open forum.
What about Bitcoin payments related to ransomware?
Yea I was reading a university working on covid research are targeted by hackers knowing how important the research is and hectic it is that backups aren’t always done daily. They were hacked and paid $300k or something to release their data in bitcoin.
But other than illegal stuff I haven’t heard of much mainstream use, hence I ask.
Barter Card just started using it's own coin as a payment for business…..no idea why you would, but you can. It's slow and terrible BTW
If you believe that crypto will moon it's not in your best interest to buy things in it. Unless the things you're buying are of questionable nature.
That is a good point!
So, presumably, current crypto owners/users have it for the investment value, not for spending, so won't use it.
One of the problems with using digital assets as payment for goods and services in Australia is that they have been classified as property.
Tax 101 says that consumers may be liable for CGT when they spend it on goods and services.
https://www.ato.gov.au/General/Gen/Tax-treatment-of-crypto-c…
in Australia - specifically bitcoin
Transacting with cryptocurrency
A capital gains tax (CGT) event occurs when you dispose of your cryptocurrency. A disposal can occur when you:sell or gift cryptocurrency
trade or exchange cryptocurrency (including the disposal of one cryptocurrency for another cryptocurrency)
convert cryptocurrency to fiat currency (a currency established by government regulation or law ), such as Australian dollars, or
use cryptocurrency to obtain goods or services.Interesting, one wonders if people know this. 19 People who voted yes, if they realize that bpay, donating to charity, purchase, etc is a tax event.
Most people wouldn't care even if they knew. Enforcing every tx would also be an accounting nightmare.
yea, I guess when most people lose their shirts the ato wouldn't care
@whooah1979: Nar, it’s just in the past few years everyone crypto were losers, so no compliance effort required.
But now it’s common knowledge it’s rocketed up there will be increase compliance effort. This is how they operate.
Just like years gone by Uber was a focus coz lots of people were doing side jobs, but this time around the pandemic has shaved a big chunk of Uber driving, so there will be resource redirection.
Yep if you're spending crypto, tracing your potential capital gains or losses would be a nightmare. I wonder how the ATO are auditing it as I believe the big exchanges have been providing data to the ATO on crypto withdrawals.
I used Travala as well, I received $35 referral - and the other day this had increased to $255 so pretty decent, so enjoyed a free nights stay. I would highly recommend them
Yup! Paid heaps of bills with crypto and even bought a bunch of gift cards over Christmas with Round The Block. Love their quick service! Would recommend
Seems like you’re converting your crypto into AUD (At their exchange rate) and then simply spending thatAUD.
I use Litecoin the most for payments (cheap and fast transactions). I've bought things ranging from software to electronics.
Adoption is coming sooner rather than later.
https://twitter.com/FrancisSuarez/status/1360069847971954690
Exploring:
• State legislative priority
• Paying employees in Bitcoin
• Investing City treasury in BitcoinWe got it done
https://www.afr.com/companies/financial-services/asic-open-t…
“While crypto-assets and stablecoins do not currently play a significant role in the Australian payments system, it will be important that they are considered as part of any changes to the regulatory framework,” RBA told Treasury in a submission to its payments system review published this week. “This area is developing rapidly and there may be a lack of clarity about how these arrangements fit within the broader regulatory framework.”
RBA deputy head of payments policy Chris Thompson said on Friday the bank will report in the first half of the year on its wholesale digital currency trials with Commonwealth Bank and National Australia Bank, which could create tokens representing claims on the RBA for banks to exchange with each other. But some are calling for the RBA to prepare for issuing a digital version of RBA banknotes into the retail market.
Joni Pirovich, special counsel at law firm Mills Oakley, told the committee on Thursday that a central bank digital currency could facilitate “programmable money”, which would allow government to speed up and monitor stimulus payments. A growing number of central banks, including Canada’s, are preparing for a retail central bank digital currency.
Committee chairman, Liberal senator Andrew Bragg, indicated a final report in April would make recommendations in the area. “In the digital asset space, clearly there is the need for us to do some thinking about what our approach is going to be,” he said.
So where do you spend your crypto?
While Pornhub has been accepting crypto since 2018, the payment option has not seen significant growth,…the website's users are not so keen to pay in crypto.
Is that what you’re saying? No one uses it?
Merged from What have you bought with Bitcoin?
Bitcoin is the hot currency/value store.
Has anyone used it to pay for goods or services?
Bought a couple pizzas a few years back
Hxxxxkers
Hackers?
hookers?Hooters
the usa, as a tax write off.
Yeah, I saw one in Chatswood Chase the other day…who actually uses them?!
i saw them 3 years ago before the bust in Emporian CBD, but it hasnt been there for ages now. No one uses bitcoin, its used as a 'store of value' or speculation depending on how you wanna describe it. lol
I tried to once, for an anonymous donation. It wanted to scan my license first
Purchased full kitchen appliances from The Good Guys.
I just buy giftcards here - https://www.bitrefill.com/
Spent 1 BTC @ 15K on stuff earlier this year, but it is what it is.
Most people who "spend" bitcoin are really just selling bitcoin and using AUD to buy whatever it is.
Truth is, very little business actually accept and pay their cost in bitcoin. If you want to know the true usage of bitcoin the better question to ask i've worked out is, who accepts their wage in bitcoin. When people start receiving it for their work, thats when bitcoin has true value. Until then, most of my research says other than buying a Tesla car, you're just selling it and using normal currency
Ethereum.
Does ETH count as a good/service?
value store
Imagine if your bank account went up and down on a daily basis. You monthly salary lost 10% the day after you get paid and only if you didn't spend any money it is up 20% after 15 days.
Part of my house was purchased with bitcoin once exchanged. Win win. Though I should have saved more of it.
What really? As part of the contract? And did you actually deposit BTC into vendors wallet or did you convert to cash first?
once exchanged
Ripple
Paid lots of bills via Bpay. Bought TorGuard VPN. Also bought some computer parts from a store in Queensland but I can't remember the store name - hopefully it comes to me and I'll put the name on this post.