Why More People Need To Start Spending Bitcoinbitcoinmagazine.com/culture/why-more-people-need-to-start-spending-bitcoin
360 sats \ 13 comments \ @siggy47 5 Jun 2022 bitcoin
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120 sats \ 0 replies \ @shyfire 5 Jun 2022
Yesterday I bought a coldcard and some coffee using sats
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103 sats \ 2 replies \ @cryptocoin 5 Jun 2022
In this article, we explore the barriers that keep people from spending bitcoin, and review the rapidly changing landscape of bitcoin spending.
This article did give pretty good coverage to the various challenges and opportunities.
Support for the Lightning Network is now built into almost all bitcoin wallets and even some exchanges.
The exchanges adding Lightning support (for withdrawal) is crucial. Other than Kraken, almost none of the larger exchanges supports LN withdrawals. They do so because "customers just buying bitcoin doesn't pay the bills", and they want you to convert to get in the trading of shitcoins. Making it expensive or difficulty to withdraw your bitcoin (on-chain) means you are more likely to convert to shitcoins, either for speculation, or for a coin with a lower withdrawal fee.
But the number of exchanges with LN support keeps increasing, month-to-month.
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20 sats \ 0 replies \ @ncryppt 6 Jun 2022
Bull Bitcoin in Canada is another with LN support. I love it.
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20 sats \ 0 replies \ @iguano 6 Jun 2022
Binance do it on purpose, They still give as default legacy bitcoin addresses. When they consolidate, they throw to the mem pool, hundreds of megs of non segwit transactions.
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30 sats \ 0 replies \ @2big2fail 5 Jun 2022
p2p telegram group https://t.me/bitcoinp2pmarketplace
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20 sats \ 2 replies \ @kevkevin 5 Jun 2022
People need to start earning in Bitcoin, it will help ease the friction when spending. Why would I spend when I had to go through multiple steps to just aquire the Bitcoin just to get rid of it.
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8 sats \ 1 reply \ @nullama 6 Jun 2022
People that sell goods and services for Bitcoin are already earning in Bitcoin though...
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0 sats \ 0 replies \ @kevkevin 8 Jun 2022
We need moar, would love to see more local mom and pop shops accepting bitcoin
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1 sat \ 0 replies \ @02d10975a1 5 Jun 2022
I would say: start accepting bitcoin. If you run a business, sell exclusively with bitcoin. If you have a job, ask your salary in bitcoin. Reject fiat. Create demand for bitcoin.
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1 sat \ 0 replies \ @cryptocoin 5 Jun 2022
If people can’t see bitcoin being used as real money, in a frictionless way and with tangible benefits, widespread adoption will be more difficult to achieve. In other words, bitcoin is not yet being commonly used as a medium of exchange.
But you don’t always need to buy bitcoin, you can also earn bitcoin with zero fees.
It’s really easy to be paid in bitcoin for goods or services you provide. With the expansion of the Lightning Network and Lightning Network Addresses (see below), you can receive bitcoin instantaneously and in some cases with zero fees.
It just doesn’t make sense to use on-chain bitcoin transactions for minor purchases as it is much too slow, and the relatively high fees make it impractical.
Support for the Lightning Network is now built into almost all bitcoin wallets and even some exchanges, such as CoinCorner, Bitfinex and Kraken. In addition, we are seeing support for Lightning built into some of the premier digital currency apps, such as Cash App.
Once you have an account on an exchange that supports Lightning Addresses (e.g., CoinCorner) or a wallet that supports them (e.g., Wallet of Satoshi), you’ll be issued with a personalized Lightning Address.
Using this address is as simple as sending someone an email, but instead you send bitcoin over the Lightning Network.
In some countries, the selling or transfer of bitcoin can trigger a capital gains tax event. Eventually, it is hoped that bitcoin will be reclassified as a currency, removing this burden, but until then, you need to be mindful of capital gains tax.
Until bitcoin is seen as a useful, frictionless method of payment, pre-coiners will struggle to understand Bitcoin and the benefits it brings. As more people come into bitcoin and start using and saving it, the more it will be demystified and its true value will be appreciated.
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0 sats \ 0 replies \ @Ge 7 Jun 2022
So they can learn how to use a hard money and only spend what they have and not what they don't have
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0 sats \ 0 replies \ @nullama 6 Jun 2022
You can get some socks with Bitcoin
That's the same company that sells the Bolt Card
They only accept Bitcoin.
You can always just buy more Bitcoin with fiat to replace what you used. I always end up topping up a bit more every time I spend Bitcoin. It's a win-win.
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0 sats \ 0 replies \ @erickhavel 8 Jun 2022 freebie
I was waiting years to see more merchants accepting Bitcoin. Once that happened the fees were so high that the option was more or less useless.
Now I've been waiting years for LN to gain adoption. Not there yet, but I hope it's getting there.