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I think it's just that most folks can't yet imagine that Bitcoin is really going to revolutionize anything. For now, it's interesting speculation. It's really
by redblacktree 13y ago
I think it's just that most folks can't yet imagine that Bitcoin is really going to revolutionize anything. For now, it's interesting speculation. It's really hard to see, for example, getting paid in BTC, or buying gas in BTC.
- fragsworth 13y agoBut I think it's easy to see paying for something in USD, and using BTC as the means of transfer. Customer USD -> Customer BTC -> transfer -> Vendor BTC -> Vendor USD
- Nursie 13y agoYay! 3 layers of fees!
- vbuterin 13y agoCustomer USD -> Customer BTC: 1% + $0.15 (Coinbase) Customer BTC -> Merchant BTC: $0.06 (transaction fees, currently abnormally high due to price spike) Merchant BTC -> Merchant USD: 0.99% (Bitpay) Total: 1.99% + $0.24 Compare: credit cards and Paypal (2.9% + $0.30) So even there it works out fine.
- Nursie 13y agoIt's hardly the fee-free utopia though is it? And I can already transfer to other individuals for no charge.
- Tuna-Fish 13y agoThe mere possibility of doing it is much more important than the lack of fees. > And I can already transfer to other individuals for no charge. Within your own country/a few other countries like it. Transferring money across borders, especially outside the west is quite a bit harder than you'd think.
- fiesycal 13y agoDon't forget to include the fee's from an unstable method of exchange (bitcoin) depreciating or appreciating between the times you exchange it for USD.
- fragsworth 13y agoBitpay assumes the volatility risk for customers and merchants, and charges at most 1% for their cheapest platform, so none of this is really an issue - is it?
- fiesycal 13y agoBitpay is when the customer pays in bitcoin. But to get bitcoin you still need to exchange for USD somewhere. And that's where the cost of exchange risk comes in.