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> Can you pay your rent in Bitcoin? The main mechanism for making your country's currency mandatory is requiring tax payment in it. A Venezuelan can't pay the

> Can you pay your rent in Bitcoin? The main mechanism for making your country's currency mandatory is requiring tax payment in it. A Venezuelan can't pay their taxes with dollars either. This doesn't mean dollars aren't currency. > Can you buy milk? Yes - directly at some merchants, and indirectly via payment cards. > Why not gold? Many people are paid in gold-denominated amounts, or currency-denomination amounts into gold-backed accounts. It's a bit harder to transfer to your family overseas, but still works. > Why not Diamonds? Because they aren't fungible or easily transferred.

jomamaxx 10y ago
You're grasping at straws. There is almost nowhere in the US that you can 'buy milk or pay rent' in Bitcoins. It's a useless, fantasy currency - and you have to find some other believer in fantasy currency, hope that there is some liquidity - exchange your fantasy money for real money in order to buy real things. Diamond/gold/porc-future prices won't go to zero overnight, and there is a global market for them. They are at least 'somewhat liquid' There is absolutely no reason to want to be paid in Bitcoin. And there are many reasons to not want to be paid in Bitcoin such a price volatility, liquidity, the 'exchange tax' (you'll have to pay a % cut to transfer your money into USD), and the risk of your bitcoins being stolen in one way or another (hackers etc). Your regular bank account is de-facto insured. Every other currency makes much more sense in every way than Bitcoin. 'Bitcoin' is not a study in finance or commerce, or really even technology - it's a study of human nature, why people believe certain things, and are addicted to waves of new ideas.