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There are tons of vendors I actively use that accept crypto. Not as much as I'd like, but hardly no one. But yeah, you're right, a currency nobody uses is obvi
by _qqm5 4y ago
There are tons of vendors I actively use that accept crypto. Not as much as I'd like, but hardly no one.
But yeah, you're right, a currency nobody uses is obviously worthless. I'm attempting to drive adoption so that they CAN be exchanged for goods and services.
- vermilingua 4y agoAnd when the mom-and-pop bookstore down the road can no longer exchange their crypto for fiat (needed to pay their taxes), do you think they’ll keep accepting your crypto?
- landemva 4y agoIt depends on the government. "Crypto Currency Now Accepted For All State Tax Payments" https://tax.colorado.gov/cryptocurrency https://tax.colorado.gov/cryptocurrency
- selectodude 4y ago"A sufficient amount of cryptocurrency to cover the tax, obligation and fees is converted to dollars" No it doesn't. Your crypto is not and will not be denominated in crypto. It's still dollars.
- mikeyouse 4y agoGood proxy for the promise and reality of crypto though - you need to interact with some shitty PayPal crypto platform and they charge you charge 1.8% for the luxury of doing so.
- EFreethought 4y agoOhio tried it, and now http://ohiocrypto.com/ http://ohiocrypto.com/ is a blank page. I looked at the Colorado site. I predict this will also get shut down. Basically you are paying more just so you can say, "I paid my taxes with cryptocurrency", which honestly seems stupid.
- woeirua 4y agoYou're not getting it. Vendors almost all immediately convert Crypto to USD or their local currency. When the exchanges collapse that will no longer be possible. Poof, your ability to use Crypto also ceases at that very moment. You are incredibly exposed to the same risk that these exchanges have.
- _qqm5 4y agoIf a large enough user base and set of vendors accept crypto, there's no need for converting to USD. How do you handle refunds? Converting twice? Sure, charge users for it, you'll be driven out of the market by businesses who are not scared to keep a crypto wallet liquid.
- quickthrowman 4y agoHow are the vendors that accept crypto paying their invoices? The company I work for has hundreds of vendors and suppliers, and none of them accept cryptocurrency. They all seem to want USD.
- _qqm5 4y agoBy expressing your desire for crypto payments to said vendors. If there's enough demand, the industry can change to accommodate it. This dynamic actually exists even in much more conservative/slower moving fields like hardware manufacturing. It's a slow process
- selectodude 4y agoThis train of thought requires every single person involved in production down to the person putting the item on your doorstep to be a true crypto believer.
- lxgr 4y agoDon‘t forget the IRS!
- WoahNoun 4y agoAnd do those vendors use crypto to buy from their suppliers? Otherwise, they have to raise their crypto denominated prices as the exchange rate falls and you're still in the same boat as selling it yourself.