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The problem crypto has is simple: You can't pay your rent in crypto, and you can't earn crypto as salary. So you need an intermediate to convert it to/from fiat
by quickthrower2 8y ago
The problem crypto has is simple: You can't pay your rent in crypto, and you can't earn crypto as salary. So you need an intermediate to convert it to/from fiat. And you need to keep using fiat. Therefore you need a way to convert.
The most decentralised is something like localbitcoins, but for most people its too much hassle. It's like selling a second hand car type process (which most people hate) just to get cash to spend. Therefore a centralised bank it much more preferable.
- baby 8y agoThere are a bunch of companies that pay in cryptocurrencies
- quickthrower2 8y agoTrue but most people can expect to be paid in fiat. And by most I mean 99.99999%
- realusername 8y agoThey are still very rare for now
- freddie_mercury 8y agoThere are 22 million companies just in the US. Can you name 1,000 companies in the US that pay in crypto? I'd be willing to call 0.004% "a bunch".
- unimpressive 8y agoObviously 1000 is a bit more than the grandparent can 'name' directly, but I would in fact like to see some evidence indicating the presence of at least 1000 US companies that pay in crypto.
- madeofpalk 8y agoHell, I would love to know about one. I’m sure they exist somewhere and I would love to know more about the logistics of it.
- ok_craig 8y agoCoinbase itself gives the option of taking salary in crypto.
- quickthrower2 8y agoProbably possible with data mining. Find "salary like" amounts send on a regular basis on the B.C. If to/from addresses differ then you are looking for the same amount each month (fiat) across all addresses.
- baby 8y agoIt's a bunch in my definition, which is already more than "can't earn a salary in cryptocurrencies"
- hk__2 8y agoIs there a single company outside of the cryptocurrencies industry that pays in cryptocurrencies?
- baby 8y agoYup. I've heard buffer for one does it.
- hk__2 8y agoThanks, but Buffer used to pay 5% of one single employee’s salary in bitcoins [1], and that employee has switched jobs since the annoucement. [2] [1]: https://open.buffer.com/getting-paid-in-bitcoin/ https://open.buffer.com/getting-paid-in-bitcoin/ [2]: https://twitter.com/nieldlr https://twitter.com/nieldlr
- baby 8y agoDamn. Well there are probably others :) but I'm not going to do the research.
- quickthrower2 8y ago1. Pay employee in Bitcoins 2. Bitcoin bubble 3. Employee retires
- andirk 8y agoWhat about this. Fill in the blank: 1. Pay employee in Venezuelan bolívar 2. Bolívar inflates to the point where a month's salary gets you a chicken bone 3. Employee __________
- someonewhocar3s 8y agoNo, because really 'cryptocurrencies industry' is a misunderstanding. Finance is something everybody uses. Blockchain/cryptocurrency gives you a whole next level of being able to do it. And blockchain/cryptocurrency is about administrative efforts much more than it is about finance. Finance is just a very delicious application in a world that only gets hard for money.
- ainiagnioadgnio 8y agoCan we stop using the term "fiat" to refer to government-issued money? The important feature of fiat currencies is that they're backed by nothing. The fact that fiat currencies are normally government-issued is incidental. The term exists to contrast them with representative currencies. The same goes for most cryptocurrency: it's not backed by anything and only has value because most people agree it has value. Bitcoin is a kind of fiat currency, or at least it's closer to fiat money than it is to anything else.
- quickthrower2 8y agoAccording to Wikipedia you are correct. But I think you are fighting a losing battle in the crypto space where people take Fiat to mean government backed currencies. I think of it this way especially as Fiat means 'by decree' or something like that.