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| It's false that bitcoin isn't a means of payment. People DO use it as payment. But places that accept bitcoin aren't holding on to it. They transfer immediat

| It's false that bitcoin isn't a means of payment. People DO use it as payment. But places that accept bitcoin aren't holding on to it. They transfer immediately to local currency (because their suppliers can't be paid in bitcoin). So currently* bitcoin is more a means of money transfer than it is a currency in itself. * This might eventually change if suppliers are willing to accept bitcoin too.

IceyEC 13y ago
I accept Bitcoins for advertising on TorSearch. I then pay my hosting costs in Bitcoin.
splintercell 13y ago
> They transfer immediately to local currency (because their suppliers can't be paid in bitcoin). That is correct, but the question which arises, why are companies introducing this level of complexity for no reason? Why are people hell bent on paying for goods through bitcoins? Yes its true that currently its a means of money transfer but there is no reason why companies won't just start holding bitcoins. There is no added utility offered in USD which cannot be offered by bitcoins. Once enough market for bitcoin appears people will switch to holding in dollars.
- JohnTHaller 13y ago
  Well, except for that whole thing about there being no secure place to store bitcoins as they come in. You can store them with a third party, but that often ends badly (Flexcoin, Mt Gox, Poloniex, etc). You can store them yourself, but having your money be stolen by a simple server breach is not an attractive prospect for a company, whether startup or established. It wouldn't be quite so bad if there were any regulation or legal structure or any way to get your bitcoins back when they are stolen, but there isn't.
  - splintercell 13y ago
    > Well, except for that whole thing about there being no secure place to store bitcoins as they come in. Yes, that's also a fact. Bitcoins have revealed a really unprepared facet of technology. Information security. Bitcoin or not, the fact remains that we don't have a fool proof way(other than going offline) to keep the data secure for an average man. Sure smart people can keep their data secure, but common man(who wants to use bitcoins) is unable to do so. Talking about bitcoin and regulation is like talking about anti-bullying regulations. If it may make you feel better that your kid is protected by anti-bullying regulations, or you could prevent things online by merely making a law against it, then you're delusional.
joepie91_ 13y ago
Many exchange directly to local currency. Not all do.
DennisP 13y ago
Actually the Overstock CEO has said they're holding on to their bitcoins.

IceyEC 13y ago

I accept Bitcoins for advertising on TorSearch. I then pay my hosting costs in Bitcoin.

splintercell 13y ago

> They transfer immediately to local currency (because their suppliers can't be paid in bitcoin). That is correct, but the question which arises, why are companies introducing this level of complexity for no reason? Why are people hell bent on paying for goods through bitcoins? Yes its true that currently its a means of money transfer but there is no reason why companies won't just start holding bitcoins. There is no added utility offered in USD which cannot be offered by bitcoins. Once enough market for bitcoin appears people will switch to holding in dollars.

JohnTHaller 13y ago
Well, except for that whole thing about there being no secure place to store bitcoins as they come in. You can store them with a third party, but that often ends badly (Flexcoin, Mt Gox, Poloniex, etc). You can store them yourself, but having your money be stolen by a simple server breach is not an attractive prospect for a company, whether startup or established. It wouldn't be quite so bad if there were any regulation or legal structure or any way to get your bitcoins back when they are stolen, but there isn't.
- splintercell 13y ago
  > Well, except for that whole thing about there being no secure place to store bitcoins as they come in. Yes, that's also a fact. Bitcoins have revealed a really unprepared facet of technology. Information security. Bitcoin or not, the fact remains that we don't have a fool proof way(other than going offline) to keep the data secure for an average man. Sure smart people can keep their data secure, but common man(who wants to use bitcoins) is unable to do so. Talking about bitcoin and regulation is like talking about anti-bullying regulations. If it may make you feel better that your kid is protected by anti-bullying regulations, or you could prevent things online by merely making a law against it, then you're delusional.

joepie91_ 13y ago

Many exchange directly to local currency. Not all do.

DennisP 13y ago

Actually the Overstock CEO has said they're holding on to their bitcoins.