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they would be forced to accept it, however they would likely instantly convert it to a more stable currency at the time of payment through some processor. ther
by Beached 5y ago
they would be forced to accept it, however they would likely instantly convert it to a more stable currency at the time of payment through some processor.
there will likely be a small fee to them for the conversion of Bitcoin to say, USD, but I imagine it would be similar to accepting credit cards for payment? and so it would be worked into the prices.
- temp10298385 5y agoYes, I'd assume that creditors preferring USD would convert but that seems like a non trivial overhead for many creditors. The time between receiving payment and actually converting BTC to USD will surely result in a non-negligible balance difference?
- ipaddr 5y agoCreditors pay, not debters to convert.
- Macha 5y agoThis isn't inherent in the definition of legal tender, for example large denomination paper notes (100/200/500 euro) are often rejected for fraud risk despite being legal tender, and the latter two ceased printing because legal vendors so rarely accepted them meant that illegal activity was a high proportion of their use.
- mytherin 5y agoThe keyword is “debt repayment”. You don’t owe a vendor money until you purchase a product. They are fully within their rights to refuse to sell you a product for any reason, including how you wish to pay for it. On the other hand, a bank cannot refuse a loan repayment because it is made in 500 euro bills.