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Old 01-03-2021, 08:02   #1
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Bitcoin and Gold/silver coins as payment abroad

Hi!

Does somebody have a real experience of using non-traditional payment methods (like Bitcoin, Gold or silver coins) while cruising abroad? Like paying for marina, food , sailboat parts?

Please, I am interested about fist hand experience , not information from internet publications.

PS. Last topic on forum about bitcoin I found in 2014 and 2016. I found there (4 years ago) no real usage info. Correct me if i miss any.
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Old 01-03-2021, 08:52   #2
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Re: Bitcoin and Gold/silver coins as payment abroad

Highly unlikely. You're not going to get far with digital currency or precious metals. Just walk into any store now and offer either. Not some obscure website or digital bank that will process a transaction. Walk into Home Depot or West Marine, or any chain grocery store or pharmacy.

IF the answer is not, then good luck doing it in the islands. Particularly at a vegetable stand.
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Old 01-03-2021, 08:55   #3
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Re: Bitcoin and Gold/silver coins as payment abroad

Definitely not. You will have to convert it wherever you are. So be able to transfer a bitcoin to currency, and use an ATM card.
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Old 01-03-2021, 09:13   #4
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Re: Bitcoin and Gold/silver coins as payment abroad

Lots of ATM's now appearing in non-corporate convenience stores in South Florida. But it seems odd, you can buy Bitcoin at the ATM, but not withdraw dollars
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Old 01-03-2021, 09:30   #5
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Re: Bitcoin and Gold/silver coins as payment abroad

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Lots of ATM's now appearing in non-corporate convenience stores in South Florida. But it seems odd, you can buy Bitcoin at the ATM, but not withdraw dollars
You have to just check the ATM on one of the online services. Many of them allow you to withdraw cash. You definitely pay a penalty doing this however. The conversion rates are awful. But, it is a portable store of wealth.
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Old 01-03-2021, 09:44   #6
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Re: Bitcoin and Gold/silver coins as payment abroad

You say “abroad”, that covers a lot of territory. Where exactly are you planning on traveling?
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Old 01-03-2021, 09:49   #7
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Re: Bitcoin and Gold/silver coins as payment abroad

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You have to just check the ATM on one of the online services. Many of them allow you to withdraw cash. You definitely pay a penalty doing this however. The conversion rates are awful. But, it is a portable store of wealth.
Does that ATM requires to insert your Visa/MC/ATM card before withdraws from bitcoin wallet? How common bitcoin operation ATM in another countries?
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Old 01-03-2021, 09:51   #8
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Re: Bitcoin and Gold/silver coins as payment abroad

Really interesting question, I’m looking forward to seeing how this discussion goes along.

I’m a fan of gold/silver (sadly lost it all in a recent boating accident). I wonder what conversion mechanisms there are in the various crusier destinations. Here in the States there are coin stores/Brick and mortar PM dealers, pawn shops, and eBay (which could also be an option in some of the less remote destinations).

Bitcoin is a tricky one. Its volatility is the biggest obstacle to widespread adoption for regular transactions. Assuming it matures as a store of value, it will begin to gain common acceptance- and who knows, maybe even be accepted in remote destinations. It certainly has some fans in Venezuela! The conversion penalty makes other forms of currency more attractive though... for now.
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Old 01-03-2021, 10:05   #9
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Re: Bitcoin and Gold/silver coins as payment abroad

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Originally Posted by Creedence View Post
Really interesting question, Iím looking forward to seeing how this discussion goes along.

Iím a fan of gold/silver (sadly lost it all in a recent boating accident). I wonder what conversion mechanisms there are in the various crusier destinations. Here in the States there are coin stores/Brick and mortar PM dealers, pawn shops, and eBay (which could also be an option in some of the less remote destinations).

Bitcoin is a tricky one. Its volatility is the biggest obstacle to widespread adoption for regular transactions. Assuming it matures as a store of value, it will begin to gain common acceptance- and who knows, maybe even be accepted in remote destinations. It certainly has some fans in Venezuela! The conversion penalty makes other forms of currency more attractive though... for now.
The conversion rate volatility between bitcoin and fiat currency is just like the stock markets: panic and greed driven, but long term performance it is a winner by design as it doesnít devalue for inflation like fiat currency.

You donít need to be able to use it at a fruit stall, as long as you can get local currency with it somewhere local. I think some gold and silver coins will work at a bank, pawn shop, coin dealer etc.

The real need will be when shtf... for now it can be kept on the side while funny paper money is used.
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Old 01-03-2021, 10:13   #10
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Re: Bitcoin and Gold/silver coins as payment abroad

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The conversion rate volatility between bitcoin and fiat currency is just like the stock markets: panic and greed driven, but long term performance it is a winner by design as it doesnít devalue for inflation like fiat currency.

You donít need to be able to use it at a fruit stall, as long as you can get local currency with it somewhere local. I think some gold and silver coins will work at a bank, pawn shop, coin dealer etc.

The real need will be when shtf... for now it can be kept on the side while funny paper money is used.


I agree with you 100%. Iím not a bitcoin detractor at all. Own a little. I just think it needs to stabilize more to gain ďpedestrianĒacceptance. Youíre seeing emergence of institutional acceptance, and with Tesla adding some to its balance sheets, I expect youíll see a lot more to come.

Let the turbulence settle down, and I bet itís accepted pretty much anywhere. (Iím not speculating on regulatory aspects though- taxing capital gains derived from it, etc).
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Old 01-03-2021, 13:37   #11
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Re: Bitcoin and Gold/silver coins as payment abroad

we are many many years away from Bitcoin or any other virtual currency being readily accepted anywhere other than G-8 countries and tech-based business with large global foot print. So not at the grocery store in the Bahamas, not at the marina in Grenada, not in the French Polynesia...
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Old 01-03-2021, 13:41   #12
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Re: Bitcoin and Gold/silver coins as payment abroad

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we are many many years away from Bitcoin or any other virtual currency being readily accepted anywhere other than G-8 countries and tech-based business with large global foot print. So not at the grocery store in the Bahamas, not at the marina in Grenada, not in the French Polynesia...
You’d stop in Nassau and get your fiat currency from any of these Bitcoin ATMs then spend it normally.

Cabbage Beach Mini Mart. Nassau. Sell: N/A. Score: 0.
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Harbour Bay. Nassau. Sell: N/A. Score: 0.
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Old 01-03-2021, 14:00   #13
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Re: Bitcoin and Gold/silver coins as payment abroad

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Originally Posted by Texasvlad View Post
Hi!

Does somebody have a real experience of using non-traditional payment methods (like Bitcoin, Gold or silver coins) while cruising abroad? Like paying for marina, food , sailboat parts?

Please, I am interested about fist hand experience , not information from internet publications.

PS. Last topic on forum about bitcoin I found in 2014 and 2016. I found there (4 years ago) no real usage info. Correct me if i miss any.

The problem with Bitcoin is volatility. Buying it as a bet on its increasing in value is one thing. But using it as a medium of exchange is an entirely different function. And for that, the volatility sucks. And that is why no one wants to take it for ordinary quotidian payments. People who just want to get paid for their goods or services, and to pay their own bills for the costs associated with that, simply do not want to muddy the waters with a currency speculation. They want to be paid in the same currency as they incur their expenses.



In most parts of the world, they just want your card. So for ordinary expenses, I recommend a TransferWise multicurrency credit card. The best exchange rates and lowest costs. Or comparable card from another payment system. American Express is not widely accepted in many parts of the world. Visa from a U.S. bank will result in hefty fees and a poor exchange rate. Check out TransferWise.
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Old 01-03-2021, 14:50   #14
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Re: Bitcoin and Gold/silver coins as payment abroad

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Originally Posted by Dockhead View Post
The problem with Bitcoin is volatility. Buying it as a bet on its increasing in value is one thing. But using it as a medium of exchange is an entirely different function. And for that, the volatility sucks. And that is why no one wants to take it for ordinary quotidian payments. People who just want to get paid for their goods or services, and to pay their own bills for the costs associated with that, simply do not want to muddy the waters with a currency speculation. They want to be paid in the same currency as they incur their expenses.

In most parts of the world, they just want your card. So for ordinary expenses, I recommend a TransferWise multicurrency credit card. The best exchange rates and lowest costs. Or comparable card from another payment system. American Express is not widely accepted in many parts of the world. Visa from a U.S. bank will result in hefty fees and a poor exchange rate. Check out TransferWise.
Capital One has zero foreign exchange fees, market exchange rate and pays me a percentage. Amex has a yearly fee but otherwise zero costs as well and great rewards. I have not found cards outside the USA better suited.
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Old 01-03-2021, 15:43   #15
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Re: Bitcoin and Gold/silver coins as payment abroad

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Originally Posted by Chotu View Post
Youíd stop in Nassau and get your fiat currency from any of these Bitcoin ATMs then spend it normally.

Cabbage Beach Mini Mart. Nassau. Sell: N/A. Score: 0.
Kruger Plastics Ltd. Nassau. Score: 0.
Harbour Bay. Nassau. Sell: N/A. Score: 0.
Old Fort Bay Town Centre. New Providence. Sell: N/A.

So maybe you could do that, however that is a horrible way to access cash due to the fees and currency risk. Fees on ATM Bitcoin access are sure to be higher than cash from non-network ATMs.
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