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> It has failed to become much other than a bullshit investment vehicle. I disagree, and think there is some observation bias going on here. I've been using a
by LyndsySimon 9y ago
> It has failed to become much other than a bullshit investment vehicle.
I disagree, and think there is some observation bias going on here. I've been using a Bitcoin-linked debit card for a couple of years now, and take payment in Bitcoin for odd jobs I do for people online. I also always list that I accept Bitcoin when I post things for sale on Craigslist and other "classifieds" sites, and probably 10% of people use it for payment now. I've had several people buy things from me on Craigslist from across the country and the world that I wouldn't have accepted otherwise due to payments fraud. I'm happy to ship a $400 fountain pen to a buyer in Lagos (which I've done!) if they pay in Bitcoin, but I'd never consider doing so if they used any other payment method for fear of fraud.
I don't see anyone posting about everyday uses, but they do seem to be happening.
> People only worried about how high it can go
The only time I really think about the current price of Bitcoin is when it's in a period of volatility. Otherwise it seems to be consistently slightly deflationary, which is exactly what I expect it will be long-term.
- travisby 9y agoIf it's a $400 fountain pen and not a 144mBTC fountain pen, then I think you are thinking about the current price of bitcoin ;) I'm assuming you're placing your ad in USD and converting to BTC for the transaction, instead of listing a BTC price.
- lloyd-christmas 9y agoMany finance publications use USD regardless of their country of origin. Financial Times, a UK-based company, regularly lists valuations with USD equivalent. Does that invalidate the GBP or EUR as real currencies? The market cap of USD is over 1.5 trillion. The market cap of bitcoin is $45b USD. It's more than sensical to display equivalent conversions.
- jerguismi 9y agoAn instrument can be a useful tool for value transfer and storage, without being that useful for pricing. There are however some people that price their "services" in BTC, most notably ransomware criminals. I think also bets are quite often valued in BTC.
- zitterbewegung 9y agoDo you increase the price in BTC due to pricing fluctuations or do you eat the difference?
- Invictus0 9y agoYou shouldn't need to be told that, as a HackerNews reader, you aren't representative of the population. Consider how many people still don't even understand how to use credit cards properly, and then ask yourself how many of them will be willing to jump through the mental hoops necessary to understand Bitcoin at even the most basic levels when alternatives like Apple Pay, Paypal, Google Wallet, and Venmo make exchanging money simple and easy. Bitcoin solves a problem that 99% of people don't have.
- sah2ed 9y ago> I've been using a Bitcoin-linked debit card for a couple of years now, Please, tell us about the debit card. Who is the issuer?
- LyndsySimon 9y agoI was using Shift for a long time, but am using a beta program right now that I can't disclose :( Shift: https://www.shiftpayments.com/card https://www.shiftpayments.com/card
- csomar 9y agoRemember that you have been using it for the last couple years only, which were a bull market for bitcoin. If you hold during the bear market, you might have had a different opinion about the slightly deflationary nature of the beast. x10 return in a couple years is not slightly deflationary by any measure.
- LyndsySimon 9y agoI've been involved with Bitcoin, and holding it, since mid-2011. I'm quite familiar with both sides of the boom/bust cycle. It's only been in the past couple of years where Bitcoin-backed debit cards were available. > x10 return in a couple years is not slightly deflationary by any measure. At no point was I holding significant value for daily transactions over a long period - I mostly use it like I would use PayPal, to take payments online and easily spend the proceeds.