POLL: What is your main reason for not paying with bitcoin? \ stacker news ~bitcoin

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POLL: What is your main reason for not paying with bitcoin?

234 sats \ 10 comments \ @hynek 23 Jul 2023 bitcoin

We had a discussion recently here at SN on this topic and it was awesome. 🚀

Thank you for your participation. I’ve collected the answers and now I would like to add numbers to it. Can you share your sat to this poll to help me understand better What is your main reason for not paying with bitcoin?

Legal consequences6.1%

I don’t have enough bitcoin12.1%

Merchant don’t accept bitcoin54.5%

Gresham’s law9.1%

Tech is not ready6.1%

I live on fiat debt0.0%

Revealing bitcoin ownership0.0%

Other (please comment)12.1%

I don't have any bitcoin0.0%

33 votes \ poll ended

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109 sats \ 0 replies \ @designsats 23 Jul 2023

I spend every time merchant accepts. (I earn BTC)

21 sats \ 0 replies \ @nullcount 23 Jul 2023

Other: its expensive! In BTC, payer pays fees, in fiat, receiver pays fees. Of course, the merchant just passes this fee along to the customer in the total price. However, a merchant would need to offer a discount for BTC for me to even consider it. Otherwise, I'm paying more to let go of the best money ever? No thanks!

21 sats \ 0 replies \ @prodejna 23 Jul 2023 freebie

Grasham's law. I have no sat here.

0 sats \ 0 replies \ @Public_N_M_E 23 Jul 2023

I don't wanna be that guy that looks back at a pizza that cost him a shed loada money.

But also I earn FIAT. Transaction costs to buy BTC to spend BTC is more than just using FIAT. But when it becomes more of an equal footing. BTC will be seen as the better option and will win out. That I do believe.

0 sats \ 0 replies \ @SimpleStacker 23 Jul 2023

I had a bad experience with my first attempt. But I'm ready to try again when I find a worthy merchant accepting bitcoin!

0 sats \ 0 replies \ @TheL0wner 23 Jul 2023

I spend some btc, but in general it is my form of saving.

0 sats \ 0 replies \ @OC 23 Jul 2023

For me it's a combination of a few of these. We are still very early in the adoption phase where I live it's very hard to find vendors that accept BTC. in addition to that the upside for BTC price has the potential to be massive so I want to get as much as I can before it take takes off (not that I have that much). Also whilst fiat is still everywhere there's also Gresham's law in play. Why would I use money that is going up in value and hold onto money that is going down in value.

0 sats \ 1 reply \ @02fd5a35d0 23 Jul 2023

i get my salary in FIAT. To pay with BTC I would need to convert

0 sats \ 0 replies \ @hynek OP 23 Jul 2023

Do you buy bitcoin sometimes? You could buy more if you don’t need that much fiat

0 sats \ 0 replies \ @earnbitcoin 23 Jul 2023

I (mostly) earn in fiat, therefore I mostly spend in fiat.

It makes little sense to buy bitcoin, to only then turn around and spend that bitcoin -- at least, when I could have paid in fiat instead and wouldn't have needed to buy bitcoin.

Now if I were earning more in bitcoin, then the same concept applies. Why would I convert my BTC to fiat and spend in fiat, if I could just pay in bitcoin?

So, ... that's the chicken and egg issue. I won't spend in bitcoin until I earn in bitcoin. I likely won't be earning in bitcoin until my employer is receiving bitcoin revenue (with which to pay vendors and employees). And my employer won't be receiving bitcoin revenues until others then pay in bitcoin.

Someone needs to go first (by paying in bitcoin -- at least to those merchants who promise to keep those bitcoin circulating, in a bitcoin economy).