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what would be the point of this? why not just use mainstream payment methods and then when someone actually wants BTC, purchase it from an exchange for fiat?
by che_shirecat 9y ago
what would be the point of this? why not just use mainstream payment methods and then when someone actually wants BTC, purchase it from an exchange for fiat? The whole point of cryptocurrency is that its decentralized, creating a derivative on top of it (for payments??) issued by a centralized company subject to counterparty risk kinda ruins the purported advantages of Bitcoin don't you think?
- mkirklions 9y agoI think Ethereum might be the closest thing we have to that today. However, still things require an additional layer to get it to work in the physical world. Lets not forget that this technology only became 'accepted' by the mainstream in 2017. Before that, it was nerds volunteering to program various infrastructure. Also, between accounting, finance, and taxes, implementing cryptocurrency for any fortune 500 company will add additional layers of complexity.
- friedButter 9y agoAs long as this system is run online,it would be free of regulations,so the govt would not be able to impose it's will on your assets...
- che_shirecat 9y agoUntil this only-online "exchange" is "hacked" and suddenly you can't claim any BTC with their tokens anymore. Did you read the "counter-party risk" part of my comment?
- friedButter 9y agoMy bad, missed that. Yes, that risk is increased quite a bit, but I thought the main selling point of Bitcoin is that govt can't control your spending, which would stay
- nkrisc 9y agoI think you underestimate many governments.