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Hunterbunter
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October 08, 2012, 05:42:00 AM |
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Seriously.. Why does THE important thing for bitcoin seem to be how many merchants take the currency? I mean.. good luck going anywhere with a bar of gold and buying services.
No, it's like this: The best thing for bitcoin is adoption. |
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"This isn't the kind of software where we can leave so many unresolved bugs that we need a tracker for them." -- Satoshi
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freeAgent
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October 08, 2012, 06:13:02 AM |
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Gold is valuable because people are convinced it's valuable. It's also a physical object and has real uses in the economy, so it has a leg up on Bitcoin there. In order for people to be convinced that Bitcoin is valuable, it has to be tradeable for something, and the easier it is to trade, the better. Bitcoin has no physical presence, so its value is derived solely based on its efficiency and efficacy as a medium of exchange.
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firefop
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October 10, 2012, 03:51:34 AM |
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Seriously.. Why does THE important thing for bitcoin seem to be how many merchants take the currency? I mean.. good luck going anywhere with a bar of gold and buying services.
No, it's like this: The best thing for bitcoin is adoption. Adoption can come in many forms. vendors could decide to accept it (slowly over time). Some mega-corp (like visa, western union or some bank) decides to start using to move money internationally. It replaces paypal by becoming easier to use, more reliable and less of a headache. Heck if all it got used for was domestic western union style transfers - we'd start seeing a massive upswing in transaction fees. |
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mobodick
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October 10, 2012, 03:40:40 PM |
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Seriously.. Why does THE important thing for bitcoin seem to be how many merchants take the currency? I mean.. good luck going anywhere with a bar of gold and buying services.
It would be like: "Hi there mister accountant! how many grams of gold will it cost me to get a tax return filed today? Do you have a scale on hand?"
Almost nobody takes gold as a payment method, yet it is 1600+/oz. Why must bitcoin be any different?
Maybe you should look up what that word actually means.... |
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Hunterbunter
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October 13, 2012, 02:09:49 AM |
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Seriously.. Why does THE important thing for bitcoin seem to be how many merchants take the currency? I mean.. good luck going anywhere with a bar of gold and buying services.
No, it's like this: The best thing for bitcoin is adoption. Adoption can come in many forms. vendors could decide to accept it (slowly over time). Some mega-corp (like visa, western union or some bank) decides to start using to move money internationally. It replaces paypal by becoming easier to use, more reliable and less of a headache. Heck if all it got used for was domestic western union style transfers - we'd start seeing a massive upswing in transaction fees. Yeah, exactly...one way or another if people see other people wanting bitcoins, they will want them too. |
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johnyj
Legendary
 Offline
Activity: 1988
Merit: 1012
Beyond Imagination
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October 13, 2012, 08:42:12 AM |
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In order for people to be convinced that Bitcoin is valuable, it has to be tradeable for something
It's enough that it can be traded into USD or other fiat currency, people do not need another currency if the current one can satifty their daily spending needs, most of the fiat currency already do that today |
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TeslaUa
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October 13, 2012, 06:45:42 PM
Last edit: October 13, 2012, 07:02:57 PM by TeslaUa |
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When there is more than some critical mass of merchants taking bitcoin, like when they do not have to trade them back into fiat and bitcoin starts working as inter-merchant currency, not just consumer currency interesting thing happens:
Supply side of bitcoin naturally shrinks which leads (in most cases) to the rise of bitcoin price. So far so predictable and good, but than bitcoin feature kicks in and gives bitcoin a perk in natural competition among currencies: since there is limited and long-term fixed supply of bitcoins unlike fiat - the supply may only contract in long term (presuming bitcoin-goods trade volumes do not shrink). The bitcoin economy look like destined to some sort of run away effect to me. Rising in price which no bubble can fully burst or slow and measurable dying being swamped by fiat.
Block reward halving acts like sort of kicking gear-shift up to me.
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coincollectingenterprises
Newbie
Offline
Activity: 28
Merit: 0
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October 13, 2012, 09:57:11 PM |
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Sum up on what you need:
Raw material producer accepts bitcoins to sell raw materials to distributor. AND raw material producer can operate business with bitcoin intake aka pay employees etc in bitcoin.
Distributor accepts bitcoins to sell to wholesaler.
Wholesaler accepts bitcoins to sell to retailer.
Retailer accepts bitcoins to sell to consumers.
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bobitza
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October 14, 2012, 10:37:32 PM |
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Seriously.. Why does THE important thing for bitcoin seem to be how many merchants take the currency? I mean.. good luck going anywhere with a bar of gold and buying services.
No, it's like this: The best thing for bitcoin is adoption. And why mass adoption is important? Because as with any currency that has "trust" as the main intrinsic value, the more people that trust the currency and use it, the better. Because the more people use it, the more goods are traded and then more trust it gets. It's a vicious cycle. |
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felipelalli
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October 15, 2012, 01:25:10 AM |
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Gold is too heavy. Bits are so light.
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dlasher
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October 16, 2012, 04:32:23 PM |
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Ease of use.
BTC needs transactional volume for stability. Volume needs easy use.
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c0ffer
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October 20, 2012, 11:07:46 PM |
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Gold is too heavy. Bits are so light.
lol +1 |
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