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Saying that "bitcoin means freedom to choose a form of payment" is naive. Let's say that Bitcoin is success, and 98% of internet merchants accept bitcoins as a
by kolinko 16y ago
Saying that "bitcoin means freedom to choose a form of payment" is naive. Let's say that Bitcoin is success, and 98% of internet merchants accept bitcoins as a mean of payment.
This will mean that once I open up a shop, I have to accept it as well, or I'll lose sales. Of course, in theory, nobody would force me to accept Bitcoins, but so is the case today - nobody forces me to use Dollars, or PayPal.
- Duff 16y agoBut again, barring some magical event that entices 98% of merchants to accept Bitcoin, why would you accept it versus gold, silver etc? You still need a middleman to broker the transaction to whatever the legal tender currency is, so why not just exchange shares of GLD or SLV online?
- dpatru 16y ago> nobody forces me to use Dollars Actually, if you're in the US, you do have to use dollars. See http://en.wikipedia.org/wiki/Legal_tender#United_States http://en.wikipedia.org/wiki/Legal_tender#United_States and http://en.wikipedia.org/wiki/Liberty_Dollar http://en.wikipedia.org/wiki/Liberty_Dollar.
- Duff 16y agoYou don't have to pay in dollars, but you must accept dollars to settle a debt. You and I can have a contract where I buy a cow from you today in exchange for an iPod next week, that's a valid contract. But if I cannot produce the iPod next week, you must allow me to give you a quantity of legal tender currency (US coins or paper dollars) to settle the debt. If you require payment upon receipt, however, you can refuse to exchange the cow for cash.