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There are already companies that allow you to pay federal taxes with Bitcoin (by converting them to USD for you). There are already debit / credit cards that al
by moduspol 9y ago
There are already companies that allow you to pay federal taxes with Bitcoin (by converting them to USD for you). There are already debit / credit cards that allow you to have your account funds in Bitcoin, but convert to USD for a merchant when you use them.
I guess to me it doesn't seem fundamentally impossible that those things could be based in a national / fiat currency that is not the same currency a large number (or even majority) of people use.
- dragonwriter 9y ago> There are already companies that allow you to pay federal taxes with Bitcoin (by converting them to USD for you) That's immaterial, in the same way that you can sell non-currency assets to get dollars to pay federal taxes is. As long as the taxes are denominated and collected exclusively in dollars (and as long as that's the norm for civil damages, as well), the supply of dollars will affect the economy in the usual way, whether or not for most transactions people directly use things that are not US dollars.
- moduspol 9y agoI appreciate the response but that doesn't follow logically to me.