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Ask HN: What would happen if American companies stopped accepting USD?
This is a thought I had, what would happen if Papa John's or Walmart started only accepting Bitcoin and Litecoin for purchases? Would that even be legal? What would it do to the economy, would the government lose power since they no longer control the almighty dollar?
What other questions would this bring up?
- kirtijthorat 13y agoThe major problem that I see with BitCoin is that they underestimated the demand for it. BitCoins can not be mined fast enough to meet demand and they maximum mineble number of BitCoins will be reached far before demand is met. It is possible that BitCoin might be able to serve its original purpose as an alternate currency if it eventually stabilizes. The BitCoin concept is wonderful. My understanding is that the biggest strength of BitCoin is that it is designed such no organization can have central control of it. The value of it is totally driven by market demand rather than by what faith we have in government, the IMF, or any other organization. It's totally new concept at this moment but I believe eventually there will be some sort of resolution that may allow BitCoin as an alternate currency for the world.
- gremlinsinc 13y agoTHe thing is, it doesn't matter how much exists, because I could buy a happy meal at mcDs for .001 bitcoins (pulled out of my arse) -- Bitcoins deal in fragments so even when all are mined, they will still be valuable, still be traded, and still be used as currency. Plus, I believe it'll be awhile before all are mined due to rising difficulty. I think it took 4 years to get to 11 Million, and might take another 4-6 to get all the coins - but don't quote me on that.
- sharemywin 13y agoIf one company did everyone would go to their competitor and the company would close almost over night.