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My community has quite a few businesses that gladly take bitcoin, at whatever valuation. Unfortunately when the price is on the upswing people don't want to spe
by GarrisonPrime 8y ago
My community has quite a few businesses that gladly take bitcoin, at whatever valuation. Unfortunately when the price is on the upswing people don't want to spend it because it'll be more profitable to hold it, and when it's holding steady they don't want to spend it because they feel it could take off at any instant, and if it's crashing they don't want to spend it because that would lock in their losses and they'd rather wait for it to recover.
Hopefully one day it will stabilize enough to be worthwhile as a currency. We're certainly not there yet, but it's improving. Despite the spectacular fall in values, this isn't as severe a crash as has happened before, percentage-wise.
- nikanj 8y agoDo they list the prices in bitcoin, or do they just use a payment gateway that lets them charge USD from bitcoin users?
- wpietri 8y agoI wouldn't hold my breath on the "stable currency" part. Actual stable currencies are actively managed by people with expertise and major resources. At best I think Bitcoin will end up following its design of being deflationary, which history shows leads to hoarding. But I think it's more likely it will either drop to near zero or continue wild price swings.