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> For example, I go to buy a t-shirt for $10 and I pay the merchant $10 equivalent in bitcoin cash. This is why I don't think of bitcoin as a currency: I've ne
by chriswarbo 9y ago
> For example, I go to buy a t-shirt for $10 and I pay the merchant $10 equivalent in bitcoin cash.
This is why I don't think of bitcoin as a currency: I've never seen it used to denominate prices. As far as I can tell, not even Silk Road had prices set in bitcoin.
Paying "$10 equivalent in bitcoin cash" (or bitcoin, or litecoin, or whatever) is using those cryptocurrencies as a payment gateway; the currency in those transactions is $.
- DarronWyke 9y ago>Paying "$10 equivalent in bitcoin cash" (or bitcoin, or litecoin, or whatever) is using those cryptocurrencies as a payment gateway; the currency in those transactions is $. Precisely. We're entering some real fiat currency inception here. Bitcoin is worth whatever people value it at, similar to most forms of currency (backed by the faith of the issuing government). Now we're going to faith upon faith.