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Does it really matter ? Wouldnt it smarter to use bitcoin as a secure way to make payments, but not to keep as a currency ? For example, if you want to buy so
by jokoon 12y ago
Does it really matter ?
Wouldnt it smarter to use bitcoin as a secure way to make payments, but not to keep as a currency ?
For example, if you want to buy something using bitcoins, you just buy the exact amount of bitcoins you need, you make the transaction, and the people who gets the bitcoins just convert it back to dollar.
To escape the fluctuation of the conversion rate, just open a bank that keeps amount in dollar and only do transaction with a corresponding amount of BTC, depending on the conversion rate. It's an easy way to diversify payment alternative, while being pretty safe and avoiding fluctuations of BTC.
I don't see any other way to use bitcoin. It's pretty hairy, but it might be a viable alternative to paypal for example.
- deleted 12y ago[deleted]
- moe 12y agoDoes it really matter ? For BTC as a currency it doesn't matter at what price it's going to stabilise, as long as it reaches an equilibrium.
- onion2k 12y agoEssentially you're proposing that BTC is used as'digital cash' rather than 'digital currency'. That's what Bitcoin is actually for - a cryptographically secure way of privately and anonymously transferring value between parties - rather than a fiat currency that has implicit value in itself that people can speculate on.
- pjc50 12y agoYou incur two sets of transaction fees and bid/offer spreads, so it's quite a pricey way of doing a transaction. And you lose any prospect of getting your money back in the event of a dispute.
- jokoon 12y agoAt least there's more competition possible between people who sell BTC. right now there's only paypal.