Trio of Totally Dumbass Bitcoin Questions from a Complete Noob!!

[ulrichburke]

Dear Anyone.

So this idiot right here's trying to wrap his head around Bitcoin and Blockchain and all the rest of it.  And I've got a trio of questions (for starters, might be more if I don't understand the answers, you have been warned!) which are obviously easy for the rest of you - but it's me we're talking to here....

Firstly - if one Bitcoin is worth thousands, as I've read, how do you spend it? I mean if I went into a shop that says 'I TAKE BITCOIN' and I had one bitcoin but only wanted to spend (say) $50, how would he give me change? I guess what I'm asking is what do Bitcoins break down into that make them spendable in everyday terms - I've not actually SEEN any websites saying 'WE TAKE BITCOIN!' 

Which is the second question. As I've not seen any websites saying 'BITCOIN WELCOME HERE' or similar, what use is Bitcoin? From what I've read (and understood, or think I've understood, feel free to tell me if I'm wrong) it's a universal currency.  But if one coin's worth loads and there doesn't seem to be any way to break it down into fractions (like breaking a dollar down into cents) - how do you use it? And where, as there doesn't seem to be anywhere accepting payment in Bitcoin (that I've seen.)

And last one (for now!) - as I've never seen any sites accepting payment in Bitcoin, and there doesn't seem to be a way to break Bitcoin down into smaller coin values - WHY is it so valuable all of a sudden? What's the POINT of it? (2 questions in one, sorry!) Feels like going into shops with a $100 bill, trying to spend 50c and the shopkeepers going 'Sorry, man, haven't got that kinda change.' 

If anyone stops snickering long enough to answer the above - and I've got Asperger's, I'm NOT trying to sound sarcastic or anything, I know I often DO without realising it because of the Asperger's but I don't MEAN to - thanks.

Yours respectfully,

Chris.

[Amphenomenon]

Firstly - if one Bitcoin is worth thousands, as I've read, how do you spend it? I mean if I went into a shop that says 'I TAKE BITCOIN' and I had one bitcoin but only wanted to spend (say) $50, how would he give me change? I guess what I'm asking is what do Bitcoins break down into that make them spendable in everyday terms - I've not actually SEEN any websites saying 'WE TAKE BITCOIN!'  

There is something called change in Bitcoin, in this case the amount you are spending is sent to the receiver and the others is sent back to you. This handle by the Bitcoin Network itself and not the receiver.
The change Address Concept
What is the "Change" address on bitcoin wallet

Which is the second question. As I've not seen any websites saying 'BITCOIN WELCOME HERE' or similar, what use is Bitcoin? From what I've read (and understood, or think I've understood, feel free to tell me if I'm wrong) it's a universal currency.  But if one coin's worth loads and there doesn't seem to be any way to break it down into fractions (like breaking a dollar down into cents) - how do you use it? And where, as there doesn't seem to be anywhere accepting payment in Bitcoin (that I've seen.)

bitcoin has smaller units, while satoshi is the smallest unit of bitcoin: BTC/SAT/μBTC/mBTC
[Did you know?] Bitcoin Table of Units

There are many platforms/services accepting bitcoin online while there are even debit cards that can be funded with bitcoin & crypto: Big List of Crypto Debit Cards . Also, bitcoin is a universal currency because as long as both parties accept to used it as a means of payment, it doesn't have any barrier, faster and cheaper, when making cross-border transactions. Also it decentralize nature can not be over emphasized.

And last one (for now!) - as I've never seen any sites accepting payment in Bitcoin, and there doesn't seem to be a way to break Bitcoin down into smaller coin values - WHY is it so valuable all of a sudden? What's the POINT of it? (2 questions in one, sorry!) Feels like going into shops with a $100 bill, trying to spend 50c and the shopkeepers going 'Sorry, man, haven't got that kinda change.'  

The value of bitcoin is set by us, it depends on how we in the market view it

[LoyceV]

Firstly - if one Bitcoin is worth thousands, as I've read, how do you spend it? I mean if I went into a shop that says 'I TAKE BITCOIN' and I had one bitcoin but only wanted to spend (say) $50, how would he give me change? I guess what I'm asking is what do Bitcoins break down into that make them spendable in everyday terms

How do you pay $0.50 in dollars if you have $10? Dollars have 2 decimals, Bitcoin has 8. "Change" can be any amount. Your wallet takes care of this on it's own: if you send a certain amount, it creates sends Bitcoin to that address, and sends the change back to one of it's own addresses.

I've not actually SEEN any websites saying 'WE TAKE BITCOIN!'

I have

Which is the second question. As I've not seen any websites saying 'BITCOIN WELCOME HERE' or similar, what use is Bitcoin? From what I've read (and understood, or think I've understood, feel free to tell me if I'm wrong) it's a universal currency.  But if one coin's worth loads and there doesn't seem to be any way to break it down into fractions (like breaking a dollar down into cents) - how do you use it? And where, as there doesn't seem to be anywhere accepting payment in Bitcoin (that I've seen.)

This doesn't seem like a technical question. Let's keep it short: peer-to-peer money without central control, without infinite inflation, and can be used worldwide while nobody can stop it. That didn't exist until Bitcoin.

And last one (for now!) - as I've never seen any sites accepting payment in Bitcoin, and there doesn't seem to be a way to break Bitcoin down into smaller coin values - WHY is it so valuable all of a sudden?

Scarcity. The real question you should be asking is: why is your dollar losing value every day?

[ABCbits]

Firstly - if one Bitcoin is worth thousands, as I've read, how do you spend it? I mean if I went into a shop that says 'I TAKE BITCOIN' and I had one bitcoin but only wanted to spend (say) $50, how would he give me change? I guess what I'm asking is what do Bitcoins break down into that make them spendable in everyday terms - I've not actually SEEN any websites saying 'WE TAKE BITCOIN!'

You can divide Bitcoin as small as 0.00000001 (1 satoshi). Assuming 1 BTC is $100000 and you only want to send $50, what you need to do is send $50 worth of Bitcoin to the seller and the rest to your Bitcoin address.

Code:

Your address A (1 BTC) ---> Seller address (0.0005 BTC)
                        |
                        --> Your address B (0.9995 BTC)

Take note,
1. In practice, "Your address B" will receive slightly less than 0.9995 BTC due to TX fee.
2. Most Bitcoin wallet handle the hard part, so you just need to enter seller address and amount that'll be received by seller.

Which is the second question. As I've not seen any websites saying 'BITCOIN WELCOME HERE' or similar, what use is Bitcoin?

Search "who accepts Bitcoin" on Google search.

And last one (for now!) - as I've never seen any sites accepting payment in Bitcoin, and there doesn't seem to be a way to break Bitcoin down into smaller coin values - WHY is it so valuable all of a sudden? What's the POINT of it? (2 questions in one, sorry!) Feels like going into shops with a $100 bill, trying to spend 50c and the shopkeepers going 'Sorry, man, haven't got that kinda change.' 

Your assumption is wrong, since Bitcoin can be split or break down. But if you're looking for short answer, i'll include this image from Investorpedia website.


Source: https://www.investopedia.com/ask/answers/100314/why-do-bitcoins-have-value.asp

[NotATether]

Which is the second question. As I've not seen any websites saying 'BITCOIN WELCOME HERE' or similar, what use is Bitcoin?

Search "who accepts Bitcoin" on Google search.

There are a ton of online service providers that accept Bitcoin, just not most of the mainstream websites. You have to look around to find them, but they exist.

It's mostly the payment processor who is responsible for advertising Bitcoin payment support, so you're not going to see the website itself having a "bitcoin accepted here" picture, they will just ask you if you want to pay in cryptocurrencies.

[DannyHamilton]

- snip -
Which is the second question. As I've not seen any websites saying 'BITCOIN WELCOME HERE' or similar, what use is Bitcoin? - snip -

I've not actually SEEN any websites saying 'WE TAKE BITCOIN!'

I have

Search "who accepts Bitcoin" on Google search.

There are a ton of online service providers that accept Bitcoin, just not most of the mainstream websites.

I pay my Dish TV bill every month with Bitcoin:

[Smartprofit]

The value of Bitcoin is, in particular, that it is decentralized. I am not inclined to consider Bitcoin an ideal means of payment for small purchases (there are many other payment methods for this).

Bitcoin is more of an alternative financial system. If you have a ledger (cryptocurrency wallet) with bitcoins, then in fact you have your own pocket bank. You can transfer funds to your counterparty abroad and you do not need to coordinate this transaction with a representative of a commercial bank (who, after lengthy approvals and verification of your documents, may refuse to carry out this transaction).

Bitcoin transactions are not censored and this is the value of the first cryptocurrency. And you can buy a cup of coffee with fiat currency.