3 ms·

How? I mean, what non-crypto not illegal thing you actually can currently purchase without going via fiat?

by beefield 6y ago

cfcosta 6y ago
Teslas, gift cards.
- pavlov 6y ago
  The Tesla isn't priced in Bitcoin though, is it? It's not like they have a Model 3 that costs 0.75 BTC. The Bitcoin price will vary daily based on whatever rate they get from their off-ramp. I don't think Tesla would keep the revenue as Bitcoins because the accounting implications are pretty weird. This is from Tesla's 10-K, via FT [1]: "We will account for digital assets as indefinite-lived intangible assets in accordance with ASC 350, Intangibles — Goodwill and Other. The digital assets are initially recorded at cost and are subsequently remeasured on the consolidated balance sheet at cost, net of any impairment losses incurred since acquisition." You sell a car for Bitcoin but then you'd have to record the revenue as intangible goodwill on the balance sheet? That would mess up their results. It's worth noting that Tesla includes US government bonds as cash equivalents, but isn't able to do the same with Bitcoin. [1] https://www.ft.com/content/364734d1-80df-49d3-bc2f-c813c93062ab https://www.ft.com/content/364734d1-80df-49d3-bc2f-c813c9306...
deleted 6y ago
[deleted]
perennate 6y ago
https://99bitcoins.com/bitcoin/who-accepts/ https://99bitcoins.com/bitcoin/who-accepts/ Prices are pegged to fiat but the merchants accept BTC directly.
- deleted 6y ago
  [deleted]
- beefield 6y ago
  Are you sure? E.g. AT&T in the list seems to accept via bitpay, does that really mean that AT&T has it's own bitcoin wallet where they receive the btc? (I do not know, but I just have some doubts) Further, what percentage of those companies will continue to "accept" bitcoin if they are no more allowed to convert them to dollars?
  - mminer237 6y ago
    Almost all companies will sell the Bitcoin as soon as it's paid, yes, most without ever touching it themselves. It's just like using a credit card as far as they're concerned. See this chart from BitPay on how they work: https://support.bitpay.com/hc/article_attachments/360033899531/image2.png https://support.bitpay.com/hc/article_attachments/3600338995... Remember that every actual Bitcoin transaction requires, on average, paying a $17 transaction fee to pay all the miners and the electricity they used in processing the transaction, so you don't want to actually be sending it between people often.
  - perennate 6y ago
    I have mainly used Namecheap and NewEgg, not AT&T. Many of these companies may not process Bitcoin transactions themselves, but instead rely on a third party like Coinbase/Bitpay who handle the BTC-to-fiat conversion, so in that case the companies would not themselves host a wallet. My "directly" I mean that you don't need to convert your BTC to fiat to pay for these services. I suspect that most of the companies would stop accepting Bitcoin if it couldn't be converted to dollars, but that's not what I was replying to; I specifically said that "prices are pegged to fiat".

How? I mean, what non-crypto not illegal thing you actually can currently purchase without going via fiat?

cfcosta 6y ago

Teslas, gift cards.

pavlov 6y ago
The Tesla isn't priced in Bitcoin though, is it? It's not like they have a Model 3 that costs 0.75 BTC. The Bitcoin price will vary daily based on whatever rate they get from their off-ramp. I don't think Tesla would keep the revenue as Bitcoins because the accounting implications are pretty weird. This is from Tesla's 10-K, via FT [1]: "We will account for digital assets as indefinite-lived intangible assets in accordance with ASC 350, Intangibles — Goodwill and Other. The digital assets are initially recorded at cost and are subsequently remeasured on the consolidated balance sheet at cost, net of any impairment losses incurred since acquisition." You sell a car for Bitcoin but then you'd have to record the revenue as intangible goodwill on the balance sheet? That would mess up their results. It's worth noting that Tesla includes US government bonds as cash equivalents, but isn't able to do the same with Bitcoin. [1] https://www.ft.com/content/364734d1-80df-49d3-bc2f-c813c93062ab https://www.ft.com/content/364734d1-80df-49d3-bc2f-c813c9306...

deleted 6y ago

[deleted]

perennate 6y ago

https://99bitcoins.com/bitcoin/who-accepts/ https://99bitcoins.com/bitcoin/who-accepts/ Prices are pegged to fiat but the merchants accept BTC directly.

deleted 6y ago
[deleted]
beefield 6y ago
Are you sure? E.g. AT&T in the list seems to accept via bitpay, does that really mean that AT&T has it's own bitcoin wallet where they receive the btc? (I do not know, but I just have some doubts) Further, what percentage of those companies will continue to "accept" bitcoin if they are no more allowed to convert them to dollars?
- mminer237 6y ago
  Almost all companies will sell the Bitcoin as soon as it's paid, yes, most without ever touching it themselves. It's just like using a credit card as far as they're concerned. See this chart from BitPay on how they work: https://support.bitpay.com/hc/article_attachments/360033899531/image2.png https://support.bitpay.com/hc/article_attachments/3600338995... Remember that every actual Bitcoin transaction requires, on average, paying a $17 transaction fee to pay all the miners and the electricity they used in processing the transaction, so you don't want to actually be sending it between people often.
- perennate 6y ago
  I have mainly used Namecheap and NewEgg, not AT&T. Many of these companies may not process Bitcoin transactions themselves, but instead rely on a third party like Coinbase/Bitpay who handle the BTC-to-fiat conversion, so in that case the companies would not themselves host a wallet. My "directly" I mean that you don't need to convert your BTC to fiat to pay for these services. I suspect that most of the companies would stop accepting Bitcoin if it couldn't be converted to dollars, but that's not what I was replying to; I specifically said that "prices are pegged to fiat".