It will be great when I can pay with bitcoin at Whole Foods, Chipotle, Starbucks, Macy's, Morton's, etc.... "The fee to send a bitcoin transaction using the Lightning Network is close to zero" Prolly nothing... https://www.coindesk.com/business/2...to-could-become-more-widely-used-as-currency/ Morgan Stanley Says Crypto Could Become More Widely Used as Currency Partnerships with physical stores are a significant milestone in the evolution of bitcoin as a medium of payment, the bank said. By Will Canny Apr 21, 2022 at 5:13 a.m. PDT Updated Apr 21, 2022 at 6:41 a.m. PDT Change has come a long way since the days of analog cash registers. Few people use cryptocurrencies to pay for everyday goods because the transaction fees are high and merchants don’t accept crypto as payment, but that is changing, Morgan Stanley said in a research report Thursday. The bank noted that payments company Strike recently announced a partnership with point-of-sales supplier NCR and payments firm Blackhawk Network, which means a large number of U.S. stores and restaurants will soon be able to accept bitcoin. Strike’s planned payment system uses the Lighting Network to process transactions, it added. Morgan Stanley says partnerships with physical stores are a more important milestone in the “evolution of bitcoin usage as a medium of payment,” as over 85% of sales in the U.S. occur in shops rather than online. The fee to send a bitcoin transaction using the Lightning Network is close to zero, which means it is more practical for making small payments that would normally be made using a debit card, the bank said. The historical volatility of goods priced in bitcoin has also deterred the use of digital assets, but the ability of merchants to accept crypto, either through crypto cards or existing payment terminals, might lead to a fall in volatility in the digital asset, the bank posited. Crypto is already widely used as a currency in the digital asset world, the report said, adding that ether is predominantly needed to buy non-fungible tokens (NFTs). As more brands look to advertise in the metaverse, there could be an increasing need to accept a range of payment methods, including crypto, it said. NFTs are digital assets on a blockchain that represent ownership of virtual or physical items that can be sold or traded.
Here in the US, each purchase using BTC is a taxable event. There is no real easy way that I am aware of to manage all that when making many small transactions. Better off using BTC as a savings account, and paying in fiat.
***Not Financial Advise*** We have the bulk of our net worth in BTC and think of it as savings/investment account. My "income" is in cryptos But for others, there are services that auto-convert income to BTC, some athletes do this with a Strike App partnership I used a crypto tax service for filing taxes this year and I will be using it again for next year It saved me from so much stress, but did not save me from paying the highest tax bills (state and federal) I've ever had to pay in my whole life but expected so can't say it was a shock https://fortunly.com/investments/best-crypto-tax-software/
Volatility is part of life, but some people like to exaggerate Heck, that stupid Netflix FAANG stock is down 30% in 1 day yesterday and, 60% YTD. Look at ROKU, PayPal, ZM, JPM Yea, go to the stock market for safety BTC is down 13% YTD, but it's not staying down. It will shoot up soon
Just in case it's not easy for others to visualize the power of a Bitcoin savings account, Morgan Stanley made a visual for you
What exaggeration, the 5.6% loss happened right before everyone's eyes just as the other user posted. My savings account did not drop 5.6% in 6 hours. My fiat may lose 6% value but spread over an entire year. My fiat savings account also did not lose 46% over the past year as BTC did without any certainty if and when it may ever recover...so much about store of value.
Show your proof or everyone will know you're a liar You're so focused on the downside, but you ignore when bitcoin goes up much more -------------- "Scared money don't make no money.... pussy" Look at this picture 1 day price move and 7 day price move of BTC