Bitcoin Forum

Bitcoins are not a currency.... never have been.. never understood why it was marketed as such... it's more like Gold or Silver that is easily divisible. "give me 1/1000th of an ounce of gold" .

That's roughly how it's traded... it's not like a freaking fiat Dollar or Euro.

Right now it's not being traded though, it's being horded, which makes for bad currency but decent store of wealth.

Who walks into Walmart with a gold coin and tries to pay a cashier for the flat panel TV?

The Cashier knows it's worth about 1500 bucks
The Buyer knows it's worth about 1500 bucks.

But that transaction isn't going to happen in Walmart... That's roughly where we are with Bitcoin.

Stop marketing it as a currency,   it's not one.   It's a commodity like Gold or Silver.

If an individual business wants to accept Bitcoins,  it's roughly akin to putting a sign on the front door saying "we accept silver and gold" ... yes it's cool... but most people are not going to use that to buy something.. not with the said gold and silver increasing in value everyday.

Treat Bitcoins like Gold and Silver...  you'll gain a bigger market acceptance... and occasional trade..   just like gold and silver are today.

 

True, bitcoin is a commodity, but a commodity that can instantly be teleported everywhere in the world and be divided up to the satoshi. This make the bitcoin good to trade things. You can buy a new tv with bitcoin on tons of websites that accept bitcoin.

Gold used to be a currency. Bitcoin is virtual gold. Why would it not be suitable to trade with?

Gold is suitable to be traded... no one is saying it's not...  Bitcoin is a gold coin that comes with a super sharp knife... you can cut it into small bits and hand them out to buy things... but with increasing value it's not going to be the preferred payment method of the consumer.  HOWEVER it's potential is similar to gold.. as a method of storing wealth.




Would you spend 5 bitcoins on a TV today,  knowing that in a year you could buy a house and a TV with those same 5 bitcoins?  

Hence the problem..... there is a reason all these central banks deflate the currency...  

It's also why Bitcoin businesses are at an extreme disadvantage , other than legit gambling and trading businesses which people use those to obtain MORE bitcoins,  not use them in commerce.

It's like opening a store that says "we accept only Gold and Silver Coins"  -- again it's cool... but that business is going to have to compete hard for business...  against one that accepts ever decreasing value dollars.

Newsflash: Bitcoin isn't rising in value at the moment.

Newsflash : a pizza bought with bitcoins 900 days ago is worth 1.5 million dollars.

You can put money in an exchange, buy bitcoin and buy something with bitcoin. So you spent your fiat, no matter the price of bitcoin. I could buy a pizza 900 days ago using euros, it is still a pizza

It's used as currency on silk rd but that's because of the anonymity. OP has a good point, walmart have no need or desire to trade in crypto because it's too volatile.

That being said it only takes one of the big hitters to adopt it and the rest will soon follow. It has great potential as a currency but not in this crazy market.

just wait until we have universal BTC debit cards and buy the tv for 1500 SAT sometime next year

Where is the Wal*Mart near you getting such cognisant, worldly labor? The Wal*Mart cashiers near me can't properly count change.

You can buy a TV in Walmart even if your bank account is in Europe and has Euros. This is because debit card payment processors and banks provide forex functionality. You can integrate this with Bitcoin without technical issues, but for gold it's much more complicated and unlikely to happen anytime soon.

The  cashier knows nothing.

Selling 1 Oz Gold Coin for $25 (when it's worth over $1,500)
https://www.youtube.com/watch?v=ndshbH3qZ6Y