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If 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
by _qqm5 4y ago
If 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!
- selectodude 4y agoI was giving OP the benefit of the doubt that they live somewhere with terrible currency policy and no cap gains like Turkey or Czech Republic. But yeah, something tells me the taxman isn't all that interested in your bitcoins.
- EFreethought 4y agoHonest question: Suppose you lived in a world where crypto was more common. What if you have a vendor who refuses to use crypto? Would you still transact in fiat? Even if crypto catches on more than it has, I do not think everybody will want to deal with it. I am do not do any importing or exporting. Dealing with another currency just seems like wasted energy.
- _qqm5 4y agoI'm a pragmatic person, not some crazy fundamentalist. I do use fiat where necessary, yeah. > I do not think everybody will want to deal with it. The thing is, crypto should be much, MUCH easier to deal with, we just don't have mature software/UX around this. Because we're still figuring out best practices, and people are learning about this tech.