Using Bitcoin Day To Day

fewgroats

Apparently there is a number of Bitcoin ATMs around, especially in London. Is it practical to have it as your main bank account though?

agrinnall

I'd never heard of them, but apparently there are two in Birmingham (in slightly odd locations, a Costcutters Conveniance store and a Lifestyle Express store), but the huge fees would put me off using them even if I was a bitcoin user, which I'm not.

There does seem to be some options for making bitcoin payments via these ATMs, so it might be possible to pay your bills through them (presumably still with large fees) but I'm sure there will be some banking facilities that are not yet available to bitcoin holders.

jumperabv3

agrinnall wrote: »

not yet available to bitcoin holders.

*hodlers (that's the term the Crypto community uses)

JuicyJesus

Bitcoin isn't a bank account and it fluctuates in value so much that using it for anything day to day is a mug's game.

Also very few shops actually accept it, you'd need to convert it into sterling (see above) and the exchanges are a bit swamped at the moment, not helped by the Bitcoin network itself being thoroughly clogged. Transaction fees have also gone through the roof as a result.

Honestly, stick with a normal bank account. There is no upside to using Bitcoin for any real transactions.

realaledrinker

Great article in the Sunday Times Business News today. Avoid.