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Sure. But having to convert to pay taxes and debts is huge pain point for trying to conduct all your business in a foreign currency. It also adds transaction co
by rhino369 9y ago
Sure. But having to convert to pay taxes and debts is huge pain point for trying to conduct all your business in a foreign currency. It also adds transaction costs.
If you are a business, why would you ever try to run on bitcoin alone? There would have to be a huge advantage. And we see that in many small cottage industries where that is an advantage, like buying drugs online or illegal gambling.
But without the need for pseudo-anonymity why would anyone ever use it? Why would your grocery store use bitcoin over dollars? They wouldn't.
So crypto will probably be a currency in the long run, but it won't overthrow regular fiat.
Plus, if there was a huge benefit to crypto, the Fed could just do a crypto dollar and peg it to the real dollar.
- someSven 9y ago> But without the need for pseudo-anonymity why would anyone ever use it? Why would your grocery store use bitcoin over dollars? Because the want the money from people which have bitcoins? Because creditcard fees are to high? (just forget about the BTC fees or the nearly fictional double spending problem) Another reason could be that the owner has Bitcoins and wants to support them. There might be more reasons.
- deleted 9y ago[deleted]
- jerguismi 9y ago> But having to convert to pay taxes and debts is huge pain point for trying to conduct all your business in a foreign currency. It also adds transaction costs. To some extent yes, but for any more serious business this really isn't a problem at all. I've been running a business that makes income in bitcoin only for 5 years now, and converting for taxes and accounting is quite trivial actually. Hardly any work is spent on those problems. You know, that kind of stuff is very trivial to automatize using those computers, unlike many other problems.