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To: MtnClimber

It’s not a “bitcoin dollar”, that’s your first misstep. Bitcoins are broken into fractions...decimals. So at the current value of XXXX dollars per bitcoin, it only costs you .0002 bitcoin for a coffee, plus a minor transaction fee. No different than credit cards, the store usually picks up the transaction fee.

Looked into accepting bitcoin on my site a few years ago. No risk to vendor, funds deposited to your account (value at time of sale) just like credit card payments. Revamping my website would have cost me in the tens of thousands but that was highly situational and was due to shopping cart / credit card processor...etc.


25 posted on 11/02/2017 4:50:46 PM PDT by 1_Inch_Group (Country Before Party)
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To: 1_Inch_Group
A currency's only purpose (and value) is as a stable means of exchange. When the currency is rapidly losing value (which is what happens in hyperinflation) you can't spend it fast enough because today's dollar is worth more than tomorrow's dollar. For a rapidly increasing asset (which is what you have with Bitcoin now), you'd be a fool to spend it since it will be worth so much more in the near future. Who wants to pay $30 for a cup of coffee?

That means at this point Bitcoin's only "value" is as a speculative instrument. Its volatility makes it effectively useless as a medium of exchange because it has no stable price structure. It's the "greater fool" theory writ large and it cannot end well. The announcement that CBOE is going to start trading bitcoin futures is only going to pour gasoline on the fire.

59 posted on 11/02/2017 6:43:05 PM PDT by AustinBill (consequence is what makes our choices real)
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