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The dollar is backed by culture and tradition, the government has no control over whether or not you want to use or accept a dollar for goods. Bitcoin is still

The dollar is backed by culture and tradition, the government has no control over whether or not you want to use or accept a dollar for goods. Bitcoin is still new and thus still speculative. Being backed by cryptography doesn't mean shit. It just means you can't copy it. So what? It still holds zero intrinsic value. Sure the dollar holds no intrinsic value either. But why the dollar vs bitcoin vs some other cryptographic currency I pull out of my ass? The difference is culture and tradition, the dollar has tons, bitcoin... not as much. This is why the price of bitcoin fluctuates so wildly. Most people don't buy bitcoin to use as currency... the entire BC market is like a gambling house where people try to buy and sell paper from each other. Don't get me wrong, I'm not saying don't buy bitcoin or don't support it... I'm just saying to be aware of what it currently is, and what it may transform into in the future...

dragonwriter 11y ago
> The dollar is backed by culture and tradition, the government has no control over whether or not you want to use or accept a dollar for goods. The government has control through the legal system which is the ultimate recourse for dispute over payment of goods, and it exercises this control by assessing damages, when a dispute is resolved through the courts, in US dollars.
- crimsonalucard 11y ago
  if bitcoin ever becomes currency, who says courts won't have power to enforce payment via bitcoin? The main difference is inflating the money supply. The government cannot control the supply of bitcoin the way they do with green dollars.
  - dragonwriter 11y ago
    > if bitcoin ever becomes currency, who says courts won't have power to enforce payment via bitcoin? Bitcoin is currency. What it is not is legal tender. Courts in the US have the legal power to enforce payment in bitcoin or Euros or chickens or hours of service or any other form now. They also have well-established rules that they only do so in manners other than the legal-tender currency established by the government in certain exceptional cases.
    - crimsonalucard 11y ago
      I agree, except for the part where you say bitcoin is currency. Most people will not accept bitcoin as a medium of exchange. I cannot go to my local grocery store and buy something with bitcoin. I can, however by something with dollars. Thus bitcoin is not yet a currency.

dragonwriter 11y ago

> The dollar is backed by culture and tradition, the government has no control over whether or not you want to use or accept a dollar for goods. The government has control through the legal system which is the ultimate recourse for dispute over payment of goods, and it exercises this control by assessing damages, when a dispute is resolved through the courts, in US dollars.

crimsonalucard 11y ago
if bitcoin ever becomes currency, who says courts won't have power to enforce payment via bitcoin? The main difference is inflating the money supply. The government cannot control the supply of bitcoin the way they do with green dollars.
- dragonwriter 11y ago
  > if bitcoin ever becomes currency, who says courts won't have power to enforce payment via bitcoin? Bitcoin is currency. What it is not is legal tender. Courts in the US have the legal power to enforce payment in bitcoin or Euros or chickens or hours of service or any other form now. They also have well-established rules that they only do so in manners other than the legal-tender currency established by the government in certain exceptional cases.
  - crimsonalucard 11y ago
    I agree, except for the part where you say bitcoin is currency. Most people will not accept bitcoin as a medium of exchange. I cannot go to my local grocery store and buy something with bitcoin. I can, however by something with dollars. Thus bitcoin is not yet a currency.