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There is an important distinction between valuing something inherently with bitcoin and accepting bitcoin for a real time USD conversion. What your are seeing w
by foobardeveloper 9y ago
There is an important distinction between valuing something inherently with bitcoin and accepting bitcoin for a real time USD conversion. What your are seeing with all these merchants is the latter I suppose, they have an intermediary who accepts bitcoin and converts it to USD and hands them the amount. Until something can be stably valued in Bitcoin similar to USD, it's use as a currency will be a moot point.
- mrb 9y agoYour argument is like saying an American manufacturer whose British sales office accepts GBP as payments which are immediately converted to USD means that "GBP's use as a currency is moot in this case".
- foobardeveloper 9y agoThe conversion is just a workaround of a fundamental problem, the real question is, Can a product be stably valued for a reasonable period of time using bitcoin? I can express the value of say a laptop for weeks, if not months, in USD / GBP, can the same be done natively in bitcoin? Can you point me to any manufacturer or business entity that values something in bitcoin instead of mapping it to a fiat?