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whats the point of buying bitcoin ? you cant spend them !

xcaretxcaret Member
edited December 2017 in Bitcoin 101
I noticed everywhere you can supposedly spend bit coins ( except per to per ) there is some intermediary raking in a fee. Not in every case , but there are so few places you can spend bitcoin I'm having second thoughts .
I'm not interested in buying them in the hope they go up in value, ( which they have indeed).
I called expedia because I read they take bitcoin, but there again you go through an intermedia, and pay fees..
As far as by passing paying gst,( I'm in Calgary ) that's easy enough to do by paying cash.
I'm not interested in illegal stuff on the "dark web" so other than that , what can I buy without paying outrageous fees?
I was told to buy $5000.00 Cnd, I would pay 5%, and to sell them back if I cashed out , it was another 5%. .
I just don't get it .
Also I called Daniel Sith , the Lady who ran for premier of Alberta , and asked who she suggested I buy from.(she mentions on her radio show on CHQR in Calgary ,(;


  • I'll continue ...At CHQR from 9:30- 12:30 weekdays ,that I could buy from a company in Vancouver. Well that turned out that they report transactions over $10,000 to our CRA. . So I want to but my friends truck and get a visit from the CRA . not that I'm doing anything illegal , but I can buy $5000, worth of stock in Artis .un on the TSX and get an 8.5 % dividend , and no worry about paying fees and buying wallets ,and paying more fees if I sell. Oh yeah, no ones going to hack into the TSX and have my money disappear.
    I just don't get it .
    Thanks for your comments to my other posts, I'm just not getting the point.
  • More from me .
    This bit coin thing is looking more like wall street all the time . The money is made by the corporations buying and selling to us little folks. win or loose they charge their fees .
    reminds me of my girlfriend who invested $12,000 in Investors Edge ( cibc) and after 8 years her statement showed she had $9.770.00 plus they charged her around $2% per year to loose her money for her . Fortunately for her she cashed out and bought Warren Buffets Berkshire Hathaway shares and doubled her money in 6 years .

    I sound like I have an axe to grind against bitcoin, quite the opposite , I thought it was the best thing since sliced bread , but in my attempts tp learn about how to get started , all I notice is fees.
    Oh ,one more thing . Someone suggested "Bitcoin for Dummies " was a good book to read , I ordered it , and expect it early next week, maybe my next post ill be more positive .
    Sorry for all my negative comments.
  • barehunterbarehunter Member Plus
    Bitcoin has not caught on as a conventional currency. It's strength is similar to gold; a store of value.

    Buy it. Store it safely. Love and cherish it. Get rich.
  • CoinGuyCoinGuy Administrator
    edited October 2017
    It’s clear the days of buying socks for Bitcoin are ending. It’s more about store of value and transferring of value. Sure you can buy stuff, but I think for the majority it’s a long term investment like gold.
  • Yes I got that same feeling.
    The things I wonder about (and I'm a new guy remember) ,is Japan has announced bit coin legal tender ( or something similar) I read Microsoft, and Dell accepted bit coin.
    These things led me to get interested in investing. Not to get rich as the value went up , although that has certainly happened for earlier investors.
    I think I'll read my book when it gets here "Bit coin for Dummies" and re think the bit coin thing once I understand it better.
  • BruceWayneBruceWayne Member Plus
    Most of the services you can buy with Bitcoin tends to be in the tech side of things; just as few as five years ago absolutely no major brands even heard about Bitcoin, and wouldn't even dream of entertaining a thought about incorporating this when BTC was at $10 and the market cap wasn't anywhere near $1 billion, so it was a bunch of us programmers who came up with services in their spare time because they believed in what the network can do.

    Even if a brand does accept Bitcoin, unless they state that they do keep what they receive, changes are it's going to be immediately sold and converted in CAD/USD/EUR, etc, so technically they don't accept Bitcoin; they accept conventional currency. In those cases then yes, you're probably going to see a mark-up because they have to tack on market orders, wire transfers, etc to convert into whatever currency they want payment in, so actually you're walking into more friction than just a regular cash payment than any other payment processor. If people were smart they would be offering a discount for Bitcoin purchases. I used to do it on eBay back in the day when I sold miners I posted a 10% discount on paying in Bitcoin. And the amazing thing was I was paid almost immediately after posting an address when there is no escrow or funds being held in case I didn't want to mail this miner and just pocketed the money.

    When people ask me how long do I think Bitcoin will be around I tell them that one of my regular email addresses was created in 1994. I was in elementary school. I honestly thought the internet would be the future, just because it can scale, anyone can participate. I mean convincing someone to invest in "the internet" by showing them a few web pages back then you would get almost no buyers, unless they saw not what's being done, but what can be done, with the technology. Look at the transition from people being computer illiterate to having smartphones that are always connected to internet. This didn't even take 10 years and people would be hard-pressed to think what they've even done before Google.
  • Thanks BruceWayne.
    I'm getting the feel of how all this works , and still have yet to read my book "Bitcoin for Dummies" that is on the way from Amazon.
    The thing is , here in most of Canada we have a 10% or more tax on most everything we purchase on line .Even buying on ebay there is a paper trail. Bitcoin by passes all that , which is so nice . I wish more things were for sale
    BTW is there as site like ebay , but for bit coin only ?
    I heard of the silk road , but also heard it was for drugs and other illegal things . Not interested in any of that , but it would be nice to see whats for sale , and maybe when I know what I'm doing I can buy or sell something.
  • BruceWayneBruceWayne Member Plus
    Up until recently there were none that I knew of after 2013 when they all seemed to have been bought up/closed out. OpenBazaar has come out recently and while I haven't tested it myself, I've know some acquaintances who have used it and vouched for it. You even have heavy-weights in Bitcoin talking about it so it's probably here to stay, is 100% legal, is as close to eBay as there is and is about as frictionless as any service there is available.

    A lot of times I find myself stopping before paying with BTC just because I'll do the math and realize that I'm paying 5%+ on top of what an item costs, before you even pay taxes. So you're paying "tax" (service fee) before you pay tax "government service fee." It's just cheaper to pay with regular currency if that's what it's going to be converted to so you're not paying multiple middle-men which aren't needed if you pay with regular CAD/USD/etc.

    Also, just a heads up, adding a @ in front of a name will give them a notification via email. If you're the one who posted something than you automatically get a notification if someone comments on it. If I get an email I'm like Pavlov's dogs to respond to it. I'm a programmer so I tend to keep track of a lot of things and try to follow up, but paging them makes it much faster.
  • Bitcoin is not gold. Read the whitepaper, it's a payment system. You can buy almost anything with bitcoin, if not accepted directly there is a wide variety of card issuers that will let you load crypto and spend anywhere credit cards are accepted.

    The ability to easily, quickly and securely move and spend is what makes a store of value, valuable. Bitcoin is money without borders.
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