when will bitcoin make a full cycle in the economy?

[notig]

whenever you buy something from a merchant that uses bitpay the coins are basically going right to an exchange. In this way buying things to help the bitcoin economy will actually lower the price of bitcoin the more it is done. Only when bitcoin makes a full circle and employees and suppliers are paid in bitcoin will that change. I don't see that happening for several years at least. (Okay the internet archive might do it a little bit)

[notme]

whenever you buy something from a merchant that uses bitpay the coins are basically going right to an exchange. In this way buying things to help the bitcoin economy will actually lower the price of bitcoin the more it is done. Only when bitcoin makes a full circle and employees and suppliers are paid in bitcoin will that change. I don't see that happening for several years at least. (Okay the internet archive might do it a little bit)

Merchants can select a percentage to keep in bitcoin.  As soon as one of their suppliers start accepting bitcoin, they will bump that from 0% to 5%.  As the bitcoin network expands, and more suppliers add support, the merchant can keep more and more in bitcoin.

As a computer programmer and systems administrator, I can pay for all my expenses to build and run a custom website using bitcoin.

[Zangelbert Bingledack]

I'm guessing that the first place we will see full cycles happening en mass will be with porn sites accepting bitcoins and then turning around and paying for their webhosting with them, and maybe even their cam girls. Imagine how cheap it would be to recruit cam girls from countries that Paypal won't deal with.

(Everyone using Bitpay is just a temporary thing. Once Bitcoin is a bit more popular people will understand how to use it and will be more comfortable accepting it themselves.)

Also, SR already has this, with dealers accepting BTC and then using it to buy from wholesalers who are also on SR.

[Zaih]

Sadly, I don't see this happening any time soon.

I guess it's some what of a flaw in the Bitcoin model. Trading should stimulate growth not just lead to leakages from the Bitcoin economy.

[jhansen858]

I have suggested paying my employees bonuses in Bitcoin to them.  So far, none of them are lighting me up to do this.  So far, the big question is, what if they lose value after I get them.  I think once the volatility calms it self down, employees would be more willing to accept it as compensation.  Especially if it had tax advantages over traditional pay.   But yes, people in other countries that already deals with unstable currency will most likely be the early adopters here.

[Babylon]

bitcoin is also helpful as far as international transactions go.  So someone who is taking orders intrnationally and buying supplies internationally could be helped by p=using bitcoins.

[Welsh]

I have suggested paying my employees bonuses in Bitcoin to them.  So far, none of them are lighting me up to do this.  So far, the big question is, what if they lose value after I get them.  I think once the volatility calms it self down, employees would be more willing to accept it as compensation.  Especially if it had tax advantages over traditional pay.   But yes, people in other countries that already deals with unstable currency will most likely be the early adopters here.

Then you are the best boss in the world, if my boss offered me a bonus in bitcoins I would work extra hard, lol.

Hey, I would work solely on bitcoins.

[Streets 2.0]

I have suggested paying my employees bonuses in Bitcoin to them.  So far, none of them are lighting me up to do this.  So far, the big question is, what if they lose value after I get them.  I think once the volatility calms it self down, employees would be more willing to accept it as compensation.  Especially if it had tax advantages over traditional pay.   But yes, people in other countries that already deals with unstable currency will most likely be the early adopters here.

Then you are the best boss in the world, if my boss offered me a bonus in bitcoins I would work extra hard, lol.

Hey, I would work solely on bitcoins.

I cannot say that I would work solely on bitcoin, but the idea has been tossed around in our department to pay bonuses in BTC.

I am a bull in this for the long term, I buy up as many coins as I can with any extra cash I have.  I have spread the word to as many friends and family I can that will listen.  As an example, today was my nephews b-day and his present was 0.5 BTC.  I will say he was quite happy, and that is a 13 year old we are talking about.  Its kind of funny, but to me I think the young people know more of BTC than those in their 30s+.

[jhansen858]

I have suggested paying my employees bonuses in Bitcoin to them.  So far, none of them are lighting me up to do this.  So far, the big question is, what if they lose value after I get them.  I think once the volatility calms it self down, employees would be more willing to accept it as compensation.  Especially if it had tax advantages over traditional pay.   But yes, people in other countries that already deals with unstable currency will most likely be the early adopters here.

Then you are the best boss in the world, if my boss offered me a bonus in bitcoins I would work extra hard, lol.

Hey, I would work solely on bitcoins.

Well if you are a bad ass php programmer that knows cake.php framework really well, we might have to talk.