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Long time reader ..decided to join the ranks...
I see Bitcoin as a longterm solution to the ever increasing online payments systems plagued by id theft and so on
Can somebody tell me from a merchant point of view...what will be the final price for... say a 10 dollars item ..to be sold on bitcoins
At this stage I understand bitcoin like this :
The buyer needs to be educated enough to be able to :
1) open an acccount with a major Bitcoin trader ( in order to do that will need some proof of existing bank accounts..etc)
2)send money into the trading account (fees ?)
3) buy bitcoins (fees?)
4)send bitcoins for puchse (again any fees?)
I guess mmy question is what will be the ABC for a totally uneducated merchant to start allowing BTC as a payment method?
None of those things are REALLY required...
First you must understand that bitcoin is NOT an online payment system... though it could be harnessed in such a way i suppose.... Bitcoin is in fact... a currency. Just like USD, CAD, EUR, or any other currency out there in the world.
This difference between this and other currencies is that it was created to exist in a decentralized market... where supply and demand really demonstrate the value of it. I cannot be centralized although aspects of it can be.
It is need needed that you start an account with a major bitcoin trader, as it is not required to get bitcoins. Bitcoins can be obtained the same way you would get cash... either by working for it, supplying goods in exchange for bitcoins... or if you wanted YOU COULD buy them from a trader... but its not needed at all...
so there isn't really a need to buy bitcoins.
One could also look into the aspect of mining bitcoins. In which case you'd have special hardware dedicated to the purpose of find new blocks. Blocks contain transaction information, so its miners that really make the market possible... for this service... when a miner finds a new block... a bounty is created in the form of new bitcoins. This is how the currency inflates slowly over time... every 210,000 blocks the bounty is halved, until eventually the bounty is so small it doesn't really impact anything...
this will leave the bitcoin market with about 21million bitcoins... give or take.
This won't happen though until about 2140...
In reality... all you really need... is a bitcoin client... and your on your way.