17 ms·
“The real question is why Bitcoin businesses think they need banks”
by cjaredrun 13y ago
“The real question is why Bitcoin businesses think they need banks”
- krapp 13y agoThey may not want to do business exclusively through Bitcoin and Bitcoin exchanges?
- cjaredrun 13y agoCouldn't shell companies that had no direct relationship with bitcoins in theory be used, if that were the case?
- krapp 13y agoI suppose, but that seems (I don't actually know) like a lot more trouble than just not dealing with bitcoins and having a bank account.
- ngd 13y agoA large number of bitcoin businesses are exchanges of some sort - ones where people are looking to exchange dollars to/from BTC. Going BTC all the way down is going to take a long time.
- maaku 13y agoLess trouble than convincing the state and utility companies to accept bitcoin settlement for taxes and bills.
- fennecfoxen 13y agoTo pay employees, taxes, and utility companies.
- ye 13y agoYou actually can pay employees in BTC, if they prefer that. Thousands of people work for BTC already. Utility companies will start accepting bitcoins soon enough, as it becomes more popular. Taxes are a bit harder, I admit.
- nikolak 13y ago>You actually can pay employees in BTC, if they prefer that. Most don't. >Thousands of people work for BTC already. Hundreds of millions don't. >Utility companies will start accepting bitcoins soon enough, as it becomes more popular. They don't accept it now. ____ Just because you could do this stuff with bitcoin doesn't mean you can. It's only doable in theory and in very very small amount of companies in practice, that's why "bitcoin businesses need banks”.
- maxerickson 13y agoMany of the businesses getting involved in bitcoin are trying to get into the business of exchanging them for dollars. Their customers have a pesky insistence on being able to use their traditional financial accounts in the transactions.