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> You could no longer buy a pizza with it I have bought a lot of pizzas with BTC (and other cryptocurrencies), as the local food ordering platform accepts it.
by earnesti 5y ago
> You could no longer buy a pizza with it
I have bought a lot of pizzas with BTC (and other cryptocurrencies), as the local food ordering platform accepts it. Worked grear, but at some point the crypto payment processor started requiring KYC. I'm not gonna upload my passport to pay for pizza. I dont know if this problem is because of crypto or excessive regulation.
- barrkel 5y agoIt's because of money laundering, which Bitcoin makes easier - and the more people buying pizza, the better for laundering.
- lhl 5y agoUse of cryptocurrencies for transactions is also limited due to tax treatment - in the US and many other countries you are expected to calculate and report capital gains for every transaction. Of course this sort of treatment won’t be done for CBDCs (algorithmic stablecoins with governance tokens is the answer here. I’m still waiting for someone to combine this with a reasonable mobile UX, feeless transfer, and transactional privacy. All these properties exist independently (Frax, Nano, Nano, Monero, for example) but not in a single product. Yet.)